Earnings Per Share

12 Months Ended

Dec. 31, 2023

Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted earnings per share (“Diluted EPS”) assumes, as of the beginning of the period, exercise of stock options and restricted stock grants using the treasury stock method. Diluted EPS also assumes conversion of performance-based restricted stock units to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic EPS and Diluted EPS for the periods indicated below (in thousands, except per share amounts):


	Year Ended December 31, 2023					Year Ended December 31, 2022					Year Ended December 31, 2021
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	297,716	23,371	$	12.74	$	340,437	19,748	$	17.24	$	86,759	13,118	$	6.61
Dilutive Securities:

Restricted Stock Unit Awards			104					162					285
Performance Based Stock Unit Awards			76					149					117
Stock Option Awards			20					38					—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	297,716	23,571	$	12.63	$	340,437	20,097	$	16.94	$	86,759	13,520	$	6.42

On September 18, 2023, the Company issued 2,810,811 shares of its common stock in a registered underwritten offering, for aggregate net proceeds, after offering expenses and fees, of approximately $97.3 million. The offering expenses and fees associated with the offering were immaterial.

The following is a table of antidilutive options and shares excluded from the computation of Diluted EPS for the periods indicated below (in thousands):


	Year Ended December 31, 2023	Year Ended December 31, 2022	Year Ended December 31, 2021
Antidilutive Securities:
Stock Option Awards	—	1	286
Restricted Stock Unit Awards	8	5	—
Performance Based Stock Unit Awards	—	—	—