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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2022
EARNINGS PER SHARE  
EARNINGS PER SHARE

11. EARNINGS PER SHARE

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

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Three Months Ended

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Nine Months Ended

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September 30,

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September 30,

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2022

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2021

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2022

​

2021

Basic:

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​

​

​

​

​

​

​

​

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Net income (loss)

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$

105,888

​

$

13,052

​

$

26,191

​

$

(54,252)

Weighted average basic number of common shares outstanding

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​

16,340

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​

16,270

​

​

16,327

​

​

16,257

Basic net income (loss) per share of common stock

​

$

6.48

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$

0.80

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$

1.60

​

$

(3.34)

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​

​

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​

​

​

​

​

​

​

Diluted:

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​

​

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

105,888

​

$

13,052

​

$

26,191

​

$

(54,252)

Weighted average basic number of common shares outstanding

​

​

16,340

​

​

16,270

​

​

16,327

​

​

16,257

Common stock equivalent shares representing shares issuable upon:

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​

​

​

​

​

​

​

​

​

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Exercise of Warrants & Stock Options

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Anti-dilutive

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Anti-dilutive

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​

Anti-dilutive

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​

Anti-dilutive

Vesting of restricted stock units

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​

143

​

​

158

​

​

169

​

​

Anti-dilutive

Weighted average diluted number of common shares outstanding

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​

16,483

​

​

16,428

​

​

16,496

​

​

16,257

Diluted net income (loss) per share of common stock

​

$

6.42

​

$

0.79

​

$

1.59

​

$

(3.34)

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Common stock equivalents, including warrants and options, totaling 7.4 million for the three and nine months ended September 30, 2022 and three months ended September 30, 2021 were anti-dilutive and not included in the computation of diluted earnings per share of common stock. For the nine months ended September 30, 2021, common stock equivalents, including warrants, options and restricted stock units, totaling 7.7 million 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 Company’s net loss in that period.