Earnings Per Share

12 Months Ended

Dec. 31, 2022

Note 9 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities.

For the years ended December 31, 2022, 2021, and 2020, potentially dilutive securities for this calculation consisted primarily of non-vested RSUs, contingent PSUs, and Warrants, all of which were measured using the treasury stock method. The Warrants became exercisable at the election of the holders on January 15, 2021, and as a result, they were included as potentially dilutive securities on an adjusted weighted-average basis for the portion of the year ended December 31, 2021, for which they were outstanding. A majority of the Warrants were exercised during 2021, and the remaining outstanding Warrants were dilutive during the year ended December 31, 2022, as presented below. The Warrants were not exercisable for the year ended December 31, 2020, and therefore had no dilutive impact. Please refer to Note 3 - Equity for additional detail regarding the terms of the Warrants.

PSUs represent the right to receive, upon settlement of the PSUs after the completion of the three-year performance period, a number of shares of the Company’s common stock that may range from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective reporting period, assuming that date was the end of the contingency period applicable to such PSUs. For additional discussion on PSUs, please refer to Note 7 – Compensation Plans under the heading Performance Share Units.

When the Company recognizes a net loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per common share. The following table details the weighted-average number of anti-dilutive securities for the years presented:


	For the Years Ended December 31,
	2022	2021	2020
	(in thousands)
Anti-dilutive	—	—	265

The following table sets forth the calculations of basic and diluted net income (loss) per common share:


	For the Years Ended December 31,
	2022		2021		2020
	(in thousands, except per share data)
Net income (loss)	$	1,111,952	$	36,229	$	(764,614)

Basic weighted-average common shares outstanding	122,351		119,043		113,730
Dilutive effect of non-vested RSUs and contingent PSUs	1,714		2,582		—
Dilutive effect of Warrants	19		2,065		—
Diluted weighted-average common shares outstanding	124,084		123,690		113,730

Basic net income (loss) per common share	$	9.09	$	0.30	$	(6.72)
Diluted net income (loss) per common share	$	8.96	$	0.29	$	(6.72)