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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share |
3. | Earnings Per Share
Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is calculated in the same manner but includes the impact of potentially dilutive securities. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”). The reconciliations between basic and diluted earnings per share are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Numerator |  |  |  |  |  |  |  |
Net income, basic and diluted |  | $ | 70 |  |  | $ | 883 |  |  | $ | 1,850 |  |  | $ | 1,356 |
Denominator (in thousands) |  |  |  |  |  |  |  |
Weighted average common shares outstanding, basic |  | 132,153 |  |  | 121,150 |  |  | 133,460 |  |  | 122,924 |
Effect of potentially dilutive securities |  |  |  |  |  |  |  |
Warrants |  | 9,841 |  |  | 22,794 |  |  | 9,639 |  |  | 21,692 |
Restricted stock units |  | 306 |  |  | 396 |  |  | 316 |  |  | 368 |
Performance share units |  | 48 |  |  | 50 |  |  | 48 |  |  | 47 |
Weighted average common shares outstanding, diluted |  | 142,348 |  |  | 144,390 |  |  | 143,463 |  |  | 145,031 |
Earnings per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.53 |  |  | $ | 7.29 |  |  | $ | 13.86 |  |  | $ | 11.03 |
Diluted |  | $ | 0.49 |  |  | $ | 6.12 |  |  | $ | 12.90 |  |  | $ | 9.35 |
During the Current Quarter and Current Period, the diluted earnings per share calculation excludes the effect of 789,458 reserved shares of common stock and 1,489,337 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 Prior Quarter and Prior Period, the diluted earnings per share calculation excludes the effect of 1,191,877 reserved shares of common stock and 2,248,726 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 Prior Quarter and Prior Period.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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