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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | 3. EARNINGS PER S HARE The Company computes earnings per share in accordance with ASC Topic 260, Earnings per Share (“ASC 260”), which requires earnings per share for each class of stock (common stock and participating preferred stock) to be calculated using the two-class method. The two-class method is an allocation of earnings (distributed and undistributed) between the holders of common stock and a company’s participating security holders. Under the two-class method, earnings for the reporting period are allocated between common shareholders and other security holders based on their respective participation rights in undistributed earnings. Basic earnings per common share is computed by dividing income or loss available to common stockholders by the weighted average number of shares of basic common stock outstanding. The Company’s Series A Convertible Preferred Stock is classified as a participating security in accordance with ASC 260. Net income allocated to the holders of Series A Convertible Preferred Stock was calculated based on the shareholders’ proportionate share of weighted average shares of common stock outstanding on an if-converted basis. The Series A Convertible Preferred Stock do not participate in losses, thus no such losses have been allocated to the Series A Convertible Preferred Stock in the periods presented below. For purposes of determining diluted earnings per common share, basic earnings per common share was further adjusted to include the effect of potential dilutive common shares outstanding, including unvested restricted stock and performance-based stock units, using the more dilutive of either the two-class method or the treasury stock method, and Series A Convertible Preferred Stock using the if-converted method. Stock options and warrants that were out-of-the-money were not included in the denominator for the calculation of diluted EPS. Under the two-class method of calculating diluted earnings per share, net income is reallocated to common stock, the Series A Convertible Preferred Stock, and all dilutive securities based on the contractual participating rights of the security to share in the current earnings as if all of the earnings for the period had been distributed.
|  | Three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net loss attributed to common shareholders |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (181,896 | ) |  | $ | (9,371 | ) |  | $ | (166,059 | ) |  | $ | (8,005 | )
Less: dividends paid to Series A convertible preferred shareholders |  |  | (4,596 | ) |  |  | - |  |  |  | (4,596 | ) |  |  | - |
Net loss attributed to common shareholders |  | $ | (186,492 | ) |  | $ | (9,371 | ) |  | $ | (170,655 | ) |  | $ | (8,005 | )
Net loss per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic and dilutive |  | $ | (2.46 | ) |  | $ | (0.13 | ) |  | $ | (2.26 | ) |  | $ | (0.11 | )
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic and dilutive |  |  | 75,796 |  |  |  | 74,609 |  |  |  | 75,625 |  |  |  | 73,759 |
For the three and nine months ended September 30, 2022, 10,186 thousand and 10,230 thousand of potentially dilutive securities were excluded from the computation of diluted net loss per share related to common shareholders as their effect was antidilutive. For the three and nine months ended September 30, 2021, 3,865 thousand and 4,375 thousand, of potentially dilutive shares outstanding, were excluded from the computation of diluted net loss per share related to common shareholders as their effect was antidilutive.

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