Earnings per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share

Basic earnings per share, or "EPS," is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for the period. Diluted EPS takes into account the effect of outstanding dilutive instruments, such as share options and warrants, if any, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of June 30, 2023 and December 31, 2022, the Company did not have any dilutive instruments outstanding.

The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the three- and six-month periods ended June 30, 2023 and 2022:


	Three-Month Period Ended				Six-Month Period Ended
(In thousands except for share amounts)	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Numerator:
Net income (loss)	$	1,203	$	(10,740)	$	3,540	$	(28,207)
Denominator:
Basic and diluted weighted average shares outstanding	13,935,821		13,106,585		13,802,007		13,108,246
Basic and diluted earnings per share	$	0.09	$	(0.82)	$	0.26	$	(2.15)