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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

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):

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2021
Basic:	​	​	​	​	​	​
Net income (loss)	​	$	18,539	​	$	(28,317)
Weighted average basic number of common shares outstanding	​	​	16,331	​	​	16,261
Basic net income (loss) per share of common share	​	$	1.14	​	$	(1.74)
​	​	​	​	​	​	​
Diluted:	​	​	​	​	​	​
Net income (loss)	​	$	18,539	​	$	(28,317)
Weighted average basic number of common shares outstanding	​	​	16,331	​	​	16,261
Common stock equivalent shares representing shares issuable upon:	​	​	​	​	​	​
Exercise of Warrants & Stock Options	​	​	Anti-dilutive	​	​	Anti-dilutive
Vesting of restricted stock units	​	​	179	​	​	Anti-dilutive
Weighted average diluted number of common shares outstanding	​	​	16,510	​	​	16,261
Diluted net income (loss) per share of common stock	​	$	1.12	​	$	(1.74)

​

For the year ended December 31, 2022, common stock equivalents, including warrants, stock options and certain restricted stock units, totaling 5.8 million weighted-average shares were anti-dilutive and not included in the computation of diluted earnings per share of common stock. For the year ended December 31, 2021, common stock equivalents, including warrants, stock options and restricted stock units, totaling 7.7 million shares 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 the period. Additionally, we also have approximately 0.5 million restricted stock units that vest only upon achievement of certain business combination goals or based on the Company’s total shareholder return (TSR) as further described in Note 10, Stockholder’s Equity. On October 8, 2022 approximately 6.9 million warrants expired which previously gave the holder the right to purchase one share of common stock for each warrant.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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