Net Income (Loss) per Common Share

3 Months Ended

Mar. 31, 2024

The calculation of net income per common share for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended March 31,
(dollars and shares in thousands, except per share data)	2024		2023
Basic:
Net (loss) income	$	(338)	$	24,234
Average common shares outstanding	30,068		31,109
Basic net (loss) income per common share	$	(0.01)	$	0.78

Diluted:
Net (loss) income	$	(338)	$	24,234
Average common shares outstanding	30,068		31,109
Adjustment for common share equivalents	—		71
Average common shares outstanding-diluted	30,068		31,180
Diluted net (loss) income per common share	$	(0.01)	$	0.78

Anti-dilutive shares	58		3

Basic net (loss) income per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net (loss) income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. The computation of diluted per share does not assume conversion or exercise of securities that would have an anti-dilutive effect on net income (loss) per share.

Securities issued by the Company that could potentially dilute net income (loss) per share in future periods include stock options and restricted stock. To calculate diluted net income (loss) per share, the Company utilizes the Treasury Stock method which results in only an incremental number of shares added to shares outstanding during the period.