Earnings Per Share

12 Months Ended

Dec. 31, 2022


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.