NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2024

Basic and diluted net income per share was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Dollars in thousands, except per share amounts	2024		2023		2024		2023
Basic net (loss) income per share:
Net (loss) income	$	(10,695)	$	19,497	$	(26,379)	$	47,907
Weighted average common shares outstanding	76,448		79,690		77,196		80,842

Basic net (loss) income per common share	$	(0.14)	$	0.24	$	(0.34)	$	0.59

Diluted net (loss) income per share:
Net (loss) income	$	(10,695)	$	19,497	$	(26,379)	$	47,907

Weighted average common shares outstanding — Basic	76,448		79,690		77,196		80,842
Effect of dilutive securities:
Stock options and restricted stock	—		121		—		270
Weighted average common shares for diluted earnings per share	76,448		79,811		77,196		81,112

Diluted net (loss) income per common share	$	(0.14)	$	0.24	$	(0.34)	$	0.59

Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method. Dilutive potential common shares include employee equity share options, non-vested shares, and similar equity instruments granted by the Company. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive.

Common stock of approximately 1.3 million and 0.6 million shares at September 30, 2024, and 2023, respectively, were not included in the computation of diluted net (loss) income per share because their effect would have been anti-dilutive.