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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

12. EARNINGS PER SHARE

The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):


		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2021			2020			2021			2020
Basic:
Net income (loss)		$	13,052		$	(153,125)		$	(54,252)		$	(165,950)
Weighted average basic number of common shares outstanding			16,270			16,204			16,257			16,204
Basic net income (loss) per share of common stock		$	0.80		$	(9.45)		$	(3.34)		$	(10.24)

Diluted:
Net income (loss)		$	13,052		$	(153,125)		$	(54,252)		$	(165,950)
Weighted average basic number of common shares outstanding			16,270			16,204			16,257			16,204
Common stock equivalent shares representing shares issuable upon:
Exercise of Series A Warrants			Anti-dilutive			Anti-dilutive			Anti-dilutive			Anti-dilutive
Exercise of Series B Warrants			Anti-dilutive			Anti-dilutive			Anti-dilutive			Anti-dilutive
Exercise of Series C Warrants			Anti-dilutive			Anti-dilutive			Anti-dilutive			Anti-dilutive
Exercise of stock options			Anti-dilutive			Anti-dilutive			Anti-dilutive			Anti-dilutive
Vesting of restricted stock units			158			Anti-dilutive			Anti-dilutive			Anti-dilutive
Weighted average diluted number of common shares outstanding			16,428			16,204			16,257			16,204
Diluted net income (loss) per share of common stock		$	0.79		$	(9.45)		$	(3.34)		$	(10.24)

Common stock equivalents, including warrants, options and restricted stock units, totaling 7.4 million for the three months ended September 30, 2021 were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive. Common stock equivalents, including warrants, options and restricted stock units, totaling 7.7 million nine months ended September 30, 2021 were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net losses.

Common stock equivalents, including warrants, options and restricted stock units, totaling 7.8 million and 7.6 million for the three and nine months ended September 30, 2020, respectively, were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net losses.