Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2024

13. Net Income (Loss) Per Common Share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income (loss) per common share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic weighted average common shares outstanding		35,123,015		35,080,037		35,251,847		35,095,211
Effect of dilutive securities - equity compensation awards		—		707,667		—		741,461
Diluted weighted average common shares outstanding		35,123,015		35,787,704		35,251,847		35,836,672

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Due to the net loss incurred during the three and nine months ended September 30, 2024, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the net diluted income (loss) per share calculations for those periods. Anti-dilutive equity instruments of 427,025 and 435,025 common shares were excluded from the diluted weighted average common shares outstanding for the three and nine months ended September 30, 2023, respectively.

No cash dividends were declared or paid during the three and nine months ended September 30, 2024 and 2023.