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Earnings Per Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Earnings Per Share |
5. | Earnings Per Share
Basic earnings (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is calculated in the same manner, but includes the impact of potentially dilutive securities. Potentially dilutive securities during the Successor Period consist of issuable shares related to warrants, unvested restricted stock units, and unvested performance share units and during the Predecessor Period have historically consisted of unvested restricted stock units, contingently issuable shares related to preferred stock and convertible senior notes unless their effect was antidilutive. The reconciliations between basic and diluted earnings (loss) per share are as follows:
|  | Successor |  |  | Predecessor
|  | Year Ended December 31, 2022 |  | Period from February 10, 2021 through December 31, 2021 |  |  | Period from January 1, 2021 through February 9, 2021 |  | Year Ended December 31, 2020
Numerator |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders, basic and diluted |  | $ | 4,869 |  |  | $ | 945 |  |  |  | $ | 5,383 |  |  | $ | (9,756) |
Denominator (in thousands) |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding, basic |  | 125,785 |  |  | 101,754 |  |  |  | 9,781 |  |  | 9,773 |
Effect of potentially dilutive securities |  |  |  |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  |  | 290 |  |  | — |
Warrants |  | 19,734 |  |  | 14,376 |  |  |  | — |  |  | — |
Restricted stock units |  | 395 |  |  | 200 |  |  |  | — |  |  | — |
Performance share units |  | 47 |  |  | 11 |  |  |  | — |  |  | — |
Weighted average common shares outstanding, diluted |  | 145,961 |  |  | 116,341 |  |  |  | 10,071 |  |  | 9,773 |
Earnings (loss) per common share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 38.71 |  |  | $ | 9.29 |  |  |  | $ | 550.35 |  |  | $ | (998.26) |
Diluted |  | $ | 33.36 |  |  | $ | 8.12 |  |  |  | $ | 534.51 |  |  | $ | (998.26) |
Successor During the 2022 and 2021 Successor Periods, the diluted earnings per share calculation excludes the effect of 789,458 and 1,228,828 reserved shares of common stock and 1,489,337 and 2,318,446 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares during the 2022 and 2021 Successor Periods, respectively. Predecessor The diluted earnings (loss) per share calculation for the 2020 Predecessor Period excludes the antidilutive effect of 290,716 shares of common stock equivalent of our preferred stock. We had the option to settle conversions of the 5.50% convertible senior notes due 2026 with cash, shares or common stock or any combination thereof. As the price of our common stock was below the conversion threshold level for any time during the conversion period, there was no impact to diluted earnings (loss) per share.

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