Net Income Per Share

3 Months Ended

Mar. 31, 2023

NET INCOME (LOSS) PER SHAREBasic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income (loss) per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards and the warrant. No dilutive effect is recognized in a period in which a net loss has occurred.

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income (loss) per share are as follows:


	Three Months Ended March 31,
	2023		2022
Numerator (in millions):
Net income (loss)	$	7.2	$	(0.4)




Denominator (in thousands):
Average common shares outstanding - basic	14,841		14,547
Potentially dilutive shares related to stock options, restricted stock units, and warrant (a)	400		—
Average common shares outstanding - diluted	15,241		14,547

Net income (loss) per share (in dollars):
Basic	$	0.49	$	(0.03)
Diluted	$	0.47	$	(0.03)

(a) Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands)	1		370