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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
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 utilizing the treasury stock method. 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 March 31,
|  | 2024 |  | 2023
Numerator |  |  |  |
Net income, basic and diluted |  | $ | 26 |  |  | $ | 1,389 |
Denominator (in thousands) |  |  |  |
Weighted average common shares outstanding, basic |  | 130,893 |  |  | 134,742 |
Effect of potentially dilutive securities |  |  |  |
Warrants |  | 10,302 |  |  | 9,560 |
Restricted stock units |  | 379 |  |  | 380 |
Performance share units |  | 178 |  |  | 49 |
Weighted average common shares outstanding, diluted |  | 141,752 |  |  | 144,731 |
Earnings per common share: |  |  |  |
Basic |  | $ | 0.20 |  |  | $ | 10.31 |
Diluted |  | $ | 0.18 |  |  | $ | 9.60 |
During the Current Quarter and Prior Quarter, the diluted earnings per share calculation excludes the effect of 777,369 and 789,458 reserved shares of common stock and 1,466,502 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 Current Quarter and Prior Quarter, respectively.

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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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