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NET EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2021

NET EARNINGS (LOSS) PER SHARE

NET EARNINGS (LOSS) PER SHARE

5 – NET EARNINGS (LOSS) PER SHARE

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The computation of basic net earnings (loss) per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net earnings (loss) per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 17 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. There were 214,191 restricted stock units and 313,684 stock options that were dilutive during the year ended December 31, 2021. There were 298,834 and 162,096 shares of restricted stock units excluded from the computation of diluted net loss per share during the years ended December 31, 2020 and 2019, respectively, because they were anti-dilutive. There were 837,338 and 496,148 stock options excluded from the computation of diluted net loss per share during the years ended December 31, 2020 and 2019, respectively, because they were anti-dilutive. (refer to Note 17 — Stock-Based Compensation).

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The Company’s diluted net earnings (loss) per share will also reflect the assumed conversion of the equity warrants issued when the Company emerged from bankruptcy on July 9, 2014 (the “Effective Date”) and MIP Warrants issued by the Company (refer to Note 17 — Stock-Based Compensation) if the impact is dilutive under the treasury stock method. The equity warrants had a seven-year term that commenced on the day following the Effective Date and were exercisable for one tenth of a share of the Company’s common stock. All MIP Warrants during the years ended December 31, 2020 and 2019 were excluded from the computation of diluted net loss per share because they were anti-dilutive. The MIP Warrants expired on August 7, 2020. There were 3,936,761 equity warrants excluded from the computation of diluted net earnings (loss) per share during the years ended December 31, 2021, 2020 and 2019 because they were anti-dilutive. These equity warrants expired at 5:00 p.m. on July 9, 2021 without exercise.

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The components of the denominator for the calculation of basic and diluted net earnings (loss) per share are as follows:

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​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	​	For the Years Ended December 31,					​	​
​		2021		2020		2019	​
​	​	​	​	​	​	​	​	​
Common shares outstanding, basic:	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding, basic	​	42,060,996		41,907,597	​	41,762,893	​	​
​	​	​	​	​	​	​	​	​
Common shares outstanding, diluted:	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding, basic	​	42,060,996		41,907,597	​	41,762,893	​	​
​	​	​	​	​	​	​	​	​
Dilutive effect of warrants	​	—		—	​	—	​	​
​	​	​	​	​	​	​	​	​
Dilutive effect of stock options	​	313,684	​	—	​	—	​	​
​	​	​	​	​	​	​	​	​
Dilutive effect of restricted stock units	​	214,191		—	​	—	​	​
​	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding, diluted	​	42,588,871		41,907,597	​	41,762,893	​	​

​

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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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