Earnings Per Share

9 Months Ended

Sep. 30, 2024

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of potential common stock equivalents (stock-based awards). The following table provides information relating to the calculation of earnings per common share.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023

Net income (loss)	$	11,189	$	(9,737)	$	30,607	$	738

Average number of common shares outstanding	33,318		33,129		33,247		24,354
Dilutive effect of common stock equivalents	21		—		7		—
Average number of common shares used to calculate diluted EPS	33,339		33,129		33,254		24,354

Anti-dilutive shares	—		219		—		219

Earnings (loss) per common share
Basic	$	0.34	$	(0.29)	$	0.92	$	0.03
Diluted	$	0.34	$	(0.29)	$	0.92	$	0.03

There were 0 and 219 thousand anti-dilutive unvested restricted stock and performance stock unit awards excluded from the calculation of diluted earnings (loss) per share for the three months ended September 30, 2024 and 2023, respectively. There were 0 and 219 thousand anti-dilutive unvested restricted stock and performance stock unit awards excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2024 and 2023, respectively.