Net Income Per Share

6 Months Ended

Jun. 30, 2023

Basic net income per common share (“Basic EPS”), is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share.

Following is a reconciliation of the numerator and denominator of Basic EPS to the numerator and denominator of Diluted EPS for the three and six months ended June 30, 2023 and 2022 (dollar and share amounts in thousands, except for per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022



Net income (loss) attributable to common shareholders	$	2,422	$	516	$	3,282	$	(2,434)

Basic weighted average shares outstanding	19,293		19,386		19,073		19,479




Basic earnings (loss) per share attributable to common shareholders	$	0.13	$	0.03	$	0.17	$	(0.12)

Diluted shares outstanding:
Basic weighted-average shares outstanding	19,293		19,386		19,073		19,479
Stock-based awards	454		208		387		—
Diluted weighted-average shares outstanding	19,747		19,594		19,460		19,479




Diluted earnings (loss) per share attributable to common shareholders	$	0.12	$	0.03	$	0.17	$	(0.12)

Dilutive shares excluded from diluted-per-share amounts:
Share-based awards	735		341		735		—

Anti-dilutive shares excluded from diluted-per-share amounts:
Share-based awards	77		25		102		341		(1)

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(1) As a result of the net loss for the six months ended June 30, 2022, no potentially dilutive securities are included in the calculation of diluted loss per share because such effect would be anti-dilutive. Potentially dilutive securities for the six months ended June 30, 2022 include 341 restricted stock units.

Potentially dilutive shares excluded from diluted-per-share amounts include performance-based restricted stock units, for which certain metrics have not been achieved. Potentially anti-dilutive shares excluded from diluted-per-share amounts include both non-qualified stock options and unearned performance-based options to purchase shares of common stock with exercise prices greater than the weighted-average share price during the period and shares that would be anti-dilutive to the computation of diluted net income per share for each of the periods presented.