A new study shows that delays on the subway during the morning commute are costing straphangers money because they are not getting to work on time.

According to the study by the city's Independent Budget Office (IBO), there have been fewer trains running on time and more frequent gaps in between since May of 2012.  The most common cause for delays is overcrowding.

The study was named after the subway phrase, "We are being held momentarily." 

IBO reports that for the 1.5 million morning commuters, there has been a 45 percent increase in lost hours when traveling to work on a typical weekday over the last five years.  

That means the average rider is losing money because they aren't getting to work on time 

Using census data on the average income of subway commuters, IBO calculated in total, the lost time is worth as much as $307 million a year.