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Earnings Per Share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share |
Earnings Per Share | Note 18. Earnings per Share Westrock Series A Preferred Shares and our RSUs issued under our 2022 Equity Plan are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as Common Shares. As participating securities, we include these instruments in the computation of earnings per share under the two-class method described in ASC 260 Earnings per Share (“ASC 260”). The dilutive effect of Westrock Series A Preferred Shares and the Convertible Notes is calculated using the if-converted method, which assumes an add-back of any accretion on preferred shares and interest expense associated with the Convertible Notes 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 being 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 for the periods indicated because their inclusion would have an anti-dilutive effect on dilutive earnings (loss) per common share. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
(Thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Warrants | ​ | ​ | 19,144 | ​ | ​ | 19,144 | ​ | ​ | 19,144 | ​ | ​ | 19,155
Restricted stock | ​ | ​ | 2,860 | ​ | ​ | 2,242 | ​ | ​ | 2,504 | ​ | ​ | 1,788
Options | ​ | ​ | 1,316 | ​ | ​ | 1,476 | ​ | ​ | 1,322 | ​ | ​ | 1,505
If-converted securities | ​ | ​ | 30,517 | ​ | ​ | 23,566 | ​ | ​ | 25,278 | ​ | ​ | 23,575
​ The following table sets forth the computation of basic and diluted earnings per share under the two-class method for the periods indicated. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
(Thousands, except per share data) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Basic Earnings per Common Share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to common shareholders | ​ | $ | (17,672) | ​ | $ | (26,724) | ​ | $ | (41,258) | ​ | $ | (31,493)
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding - basic | ​ | ​ | 88,323 | ​ | ​ | 75,726 | ​ | ​ | 88,209 | ​ | ​ | 75,543
Basic earnings (loss) per common share | ​ | $ | (0.20) | ​ | $ | (0.35) | ​ | $ | (0.47) | ​ | $ | (0.42)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted Earnings per Common Share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to common shareholders - basic | ​ | $ | (17,672) | ​ | $ | (26,724) | ​ | $ | (41,258) | ​ | $ | (31,493)
Effect of participating securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Effect of non-participating securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net income (loss) attributable to common shareholders - diluted | ​ | $ | (17,672) | ​ | $ | (26,724) | ​ | $ | (41,258) | ​ | $ | (31,493)
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average common shares outstanding - basic | ​ | ​ | 88,323 | ​ | ​ | 75,726 | ​ | ​ | 88,209 | ​ | ​ | 75,543
Effect of dilutive participating securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Effect of dilutive non-participating securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Weighted-average common shares outstanding - diluted | ​ | ​ | 88,323 | ​ | ​ | 75,726 | ​ | ​ | 88,209 | ​ | ​ | 75,543
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dilutive loss per common share | ​ | $ | (0.20) | ​ | $ | (0.35) | ​ | $ | (0.47) | ​ | $ | (0.42)
​

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