BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2023

BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted income (loss) per Common Share

The calculation of basic and diluted loss per share after adjustment for the effects of all potential dilutive Common Shares is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss) attributable to owners of the Company	$	10,563	$	(9,167)	$	119,968	$	(41,950)

Basic weighted average common shares outstanding	158,616,883		157,590,318		158,235,301		157,242,332
Dilutive impact of stock options and restricted stock units	1,167,832		—		1,217,624		—
Diluted weighted average common shares outstanding	159,784,715		157,590,318		159,452,925		157,242,332

Basic net income (loss) per common share	$	0.07	$	(0.06)	$	0.76	$	(0.27)
Diluted net income (loss) per common share	$	0.07	$	(0.06)	$	0.75	$	(0.27)

For the three months ended September 30, 2023 and 2022, a weighted average of 0.78 million and 0.88 million, respectively, stock options and restricted stock units (“RSUs”) have been excluded from the calculation of diluted net loss per common share, as their effect would have been anti-dilutive. For the nine months ended September 30, 2023 and 2022, with a weighted

average of 0.01 million and 1.52 million, respectively, stock options and RSUs have been excluded from the calculation of diluted net income (loss) per common share, as their effect would have been anti-dilutive. In addition, the Company excluded stock appreciation rights (“SARs”) of 2.17 million and 2.45 million, respectively, for the three months ended September 30, 2023 and 2022, as well as 2.24 million and 2.36 million, respectively, for the nine months ended September 30, 2023 and 2022, as they are contingently issuable based on specified market prices of the Company’s Common Shares, which were not achieved as of the end of each period.