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Net Income per Common Share | 9 Months Ended
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Sep. 30, 2022
Net Income per Common Share |
Net Income per Common Share | 19. Net Income per Common Share ​ Basic net income per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share are calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. All the Company’s RSUs and DSUs are considered to be dilutive in periods with net income. ​ The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Options to purchase 2.1 million shares of common stock at weighted average exercise prices of $3.52 and 2.1 million shares of common stock at weighted average exercise prices of and $5.11 were outstanding as of September 30, 2022 and 2021, respectively, but were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options exceeded the average price of the Company’s common stock during the reporting period, and therefore are anti-dilutive. ​ Basic and diluted net income per common share is calculated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (in thousands) | ​ | $ | (9,730) | ​ | $ | 1,529 | ​ | $ | (3,038) | ​ | $ | 5,339
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted average shares of common stock outstanding | ​ | ​ | 88,391,220 | ​ | ​ | 74,552,545 | ​ | ​ | 88,358,188 | ​ | ​ | 74,481,281
Dilutive effect of share-based awards | ​ | ​ | - | ​ | ​ | 345,975 | ​ | ​ | - | ​ | ​ | 360,814
Diluted weighted average common shares outstanding | ​ | ​ | 88,391,220 | ​ | ​ | 74,898,520 | ​ | ​ | 88,358,188 | ​ | ​ | 74,842,095
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic and diluted net (loss) income per common share | ​ | $ | (0.11) | ​ | $ | 0.02 | ​ | $ | (0.03) | ​ | $ | 0.07
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