Earnings Per Share

12 Months Ended

Dec. 31, 2022

2. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock.

The computations for basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020 are as follows:


(shares in thousands)
		2022			2021		2020
Net income (loss)	$	(34,055	)	$	49,432	$	66,103

Weighted-average common shares outstanding — basic		66,051			65,587		64,743
Effect of stock options and restricted stock units		—			714		1,129

Weighted-average common shares outstanding — diluted		66,051			66,301		65,872

Earnings per share — basic	$	(0.52	)	$	0.75	$	1.02
Earnings per share — diluted	$	(0.52	)	$	0.75	$	1.00

For the year ended December 31, 2022 the dilutive effect of 462 stock options (“NQSO”) and restricted stock units (“RSU”) were excluded from the diluted weighted-average common shares outstanding as the Company incurred a loss during the period.

For the years ended December 31, 2022, 2021 and 2020, 351 thousand, 1 thousand and 1 thousand, respectively, non-qualified stock options (“NQSOs”) and restricted stock units (“RSUs”) were excluded from the calculation of diluted earnings per share based on the application of the treasury stock method, as such NQSOs and RSUs were determined to be anti-dilutive.