Earnings Per Share

3 Months Ended

Mar. 31, 2024

(5) Earnings Per Share

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 RSU grants using the treasury stock method. Diluted EPS also assumes conversion of PSUs 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. Certain of our stock options and RSU grants that would potentially dilute Basic EPS in the future were also antidilutive for the three months ended March 31, 2024 and 2023 are discussed below.

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):


	Three Months Ended March 31, 2024					Three Months Ended March 31, 2023
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(15,528)	25,445	$	(0.61)	$	94,492	22,440	$	4.21
Dilutive Securities:
Performance Based Stock Unit Awards			—					97
RSU Awards			—					91
Stock Option Awards			—					6
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(15,528)	25,445	$	(0.61)	$	94,492	22,634	$	4.17

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


	Three Months Ended March 31, 2024	Three Months Ended March 31, 2023
Antidilutive Securities:
Stock Option Awards	87	137
Restricted Stock Unit Awards	10	9
Performance Based Stock Unit Awards	60	51