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Earnings Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share |
5. (Loss) Earnings Per Share
We compute basic (loss) earnings per share by dividing net (loss) income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted (loss) earnings per share is computed by dividing net (loss) income available to common stockholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted (loss) earnings per share reflect the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon the exercise of stock options, settlement of stock appreciation rights and vesting of restricted stock awards and units. Diluted loss per share for the three and nine months ended September 30, 2022 was the same as basic loss per share as there was a net loss in the period and inclusion of potentially dilutive securities was anti-dilutive. The following table sets forth the computation of basic and diluted (loss) earnings per share:
| Three months ended September 30, |  | Nine months ended September 30,
(dollars in thousands, except per share amounts) | 2022 | 2021 |  | 2022 | 2021
Numerator: |  |  |  |  |
Net (loss) income | $ | (10,319) |  | $ | 6,188 |  |  | $ | (24,148) |  | $ | 12,755 |
Denominator: |  |  |  |  |
Weighted average common shares | 51,692,152 |  | 47,542,746 |  |  | 51,519,340 |  | 47,554,746 |
Add effect of dilutive securities: |  |  |  |  |
Stock-based awards | — |  | 731,326 |  |  | — |  | 705,210 |
Weighted average common shares assuming dilution | 51,692,152 |  | 48,274,072 |  |  | 51,519,340 |  | 48,259,956 |
(Loss) earnings per share: |  |  |  |  |
Basic | $ | (0.20) |  | $ | 0.13 |  |  | $ | (0.47) |  | $ | 0.27 |
Diluted | $ | (0.20) |  | $ | 0.13 |  |  | $ | (0.47) |  | $ | 0.26 |
Anti-dilutive shares excluded from calculations of diluted (loss) earnings per share | 936,214 |  | 904,100 |  |  | 1,195,709 |  | 1,034,091 |

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