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Earnings per Share | 12 Months Ended
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Dec. 31, 2022
Earnings per Share |
Earnings per Share | Note 19. Earnings per Share Prior to the Conversion, the Company’s ownership interests consisted of two classes of equity units, referred to as Common Units and Common Equivalent Preferred Units (“CEP Units”), which have been retroactively adjusted as shares reflecting the conversion ratios discussed in Note 4. Prior to the Conversion, the dilutive effect of CEP Units was calculated by using the “if-converted” method. This assumed an add-back of dividends on the CEP Units to net income attributable to shareholders as if the securities were converted to common shares at the beginning of the reporting period (or at the time of issuance, if later), and the resulting common shares were included in the number of weighted-average units outstanding. The dilutive effect of Westrock Series A Preferred Shares is calculated using the if-converted method, which assumes that add-back any accretion on preferred shares to net income attributable to shareholders as if the securities were converted to common shares at the beginning of the reporting period (or at the time of issuance, if later), and the resulting common shares were included in the number of weighted-average units outstanding. The dilutive effect of time-based option awards and RSUs is calculated using the treasury stock method, while performance-based awards are treated as contingently issuable. The following potentially dilutive securities were excluded from the computation of diluted shares because their inclusion would have an anti-dilutive effect due to our reported loss. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(Thousands) |  | 2022 |  | 2021 |  | 2020
Warrants | ​ | ​ | 19,373 | ​ | ​ | — | ​ | ​ | —
Restricted stock | ​ | ​ | 1,602 | ​ | ​ | 950 | ​ | ​ | 1,425
Options | ​ | ​ | 3,217 | ​ | ​ | 3,200 | ​ | ​ | 2,531
If-converted securities | ​ | ​ | 23,588 | ​ | ​ | 25,092 | ​ | ​ | 23,308
​ The following table sets forth the computation of basic and diluted earnings per share under the two-class method. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(Thousands, except per share data) |  | 2022 |  | 2021 |  | 2020
Diluted Earnings per Common Share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss attributable to common shareholders - basic | ​ | $ | (77,633) | ​ | $ | (46,155) | ​ | $ | (147,684)
Effect of non-participating securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net loss attributable to common shareholders - diluted | ​ | $ | (77,633) | ​ | $ | (46,155) | ​ | $ | (147,684)
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding - basic | ​ | ​ | 48,444 | ​ | ​ | 34,472 | ​ | ​ | 34,202
Impact of if-converted securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Effect of other dilutive securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Weighted-average common shares outstanding - diluted | ​ | ​ | 48,444 | ​ | ​ | 34,472 | ​ | ​ | 34,202
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive loss per common share | ​ | $ | (1.60) | ​ | $ | (1.34) | ​ | $ | (4.32)
​

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