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NET (LOSS) EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

NET (LOSS) EARNINGS PER SHARE

NET (LOSS) EARNINGS PER SHARE

5 – NET (LOSS) EARNINGS PER SHARE

​

The computation of basic net (loss) earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net (loss) earnings per share assumes the vesting of nonvested stock awards and the exercise of stock options (refer to Note 16 — 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 368,190 stock options, 79,838 performance-based restricted stock units and 563,705 restricted stock units excluded from the computation of diluted net loss per share during the year ended December 31, 2023 because they were anti-dilutive (refer to Note 16 — Stock-Based Compensation).

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The Company’s diluted net (loss) earnings 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”) 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. There were 3,936,761 equity warrants excluded from the computation of diluted earnings per share during the year ended December 31, 2021 because they were anti-dilutive. These equity warrants expired at 5:00 p.m. on July 9, 2021 without exercise.

​

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

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	​	For the Years Ended December 31,					​	​
​		2023		2022		2021	​
​	​	​	​	​	​	​	​	​
Common shares outstanding, basic:	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding, basic	​	42,766,262		42,412,722	​	42,060,996	​	​
​	​	​	​	​	​	​	​	​
Common shares outstanding, diluted:	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding, basic	​	42,766,262		42,412,722	​	42,060,996	​	​
​	​	​	​	​	​	​	​	​
Dilutive effect of stock options	​	—	​	314,143	​	313,684	​	​
​	​	​	​	​	​	​	​	​
Dilutive effect of performance-based restricted stock units	​	—	​	—	​	—	​	​
​	​	​	​	​	​	​	​	​
Dilutive effect of restricted stock units	​	—		188,631	​	214,191	​	​
​	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding, diluted	​	42,766,262		42,915,496	​	42,588,871	​	​

​

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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
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3

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