Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Basic earnings (loss) per share was computed by dividing net income (loss) by the weighted-average number of Common Shares outstanding for each respective period. Diluted loss per share was calculated by dividing net income by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. However, for all periods in which the Company recognized a net loss, the Company did not recognize the effect of the potential dilutive securities as their inclusion would be anti-dilutive. Potential dilutive shares of 238,342 and 217,711 for the nine months ended September 30, 2023 and 2022, respectively, were excluded from diluted loss per share because the effect would be anti-dilutive.

Weighted-average Common Shares outstanding used in calculating basic and diluted earnings per share were as follows:


	Three months ended September 30,		Nine months ended September 30,
	2023	2022	2023	2022
Basic weighted-average Common Shares outstanding	27,483,709	27,280,883	27,428,249	27,249,500
Effect of dilutive shares	250,400	243,557	—	—
Diluted weighted-average Common Shares outstanding	27,734,109	27,524,440	27,428,249	27,249,500

There were 425,612 and 770,939 performance-based right to receive Common Shares outstanding at September 30, 2023 and 2022, respectively. The right to receive Common Shares are included in the computation of diluted earnings per share based on the number of Common Shares that would be issuable if the end of the quarter were the end of the contingency period.