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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2023
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
​ | ​ | March 31,
​ | ​ | 2023 | ​ | 2022
Basic: | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | 22,811 | ​ | $ | (92,744)
Less: Preferred stock dividend | ​ | ​ | (1,492) | ​ | ​ | —
Less: Undistributed earnings allocable to preferred shareholders | ​ | ​ | (120) | ​ | ​ | —
Net income (loss) available to common stockholders | ​ | $ | 21,199 | ​ | $ | (92,744)
Weighted average basic number of common shares outstanding - basic | ​ | ​ | 16,393 | ​ | ​ | 16,303
Basic net income (loss) per share of common stock | ​ | $ | 1.29 | ​ | $ | (5.69)
​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted: | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) available to common stockholders - basic | ​ | $ | 21,199 | ​ | $ | (92,744)
Reallocation of undistributed earnings | ​ | ​ | 1 | ​ | ​ | —
Net income (loss) available to common stockholders - diluted | ​ | $ | 21,200 | ​ | $ | (92,744)
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic number of common shares outstanding - basic | ​ | ​ | 16,393 | ​ | ​ | 16,303
Common stock equivalent shares representing shares issuable upon: | ​ | ​ | ​ | ​ | ​ | ​
Exercise of warrants and stock options | ​ | ​ | Anti-dilutive | ​ | ​ | Anti-dilutive
Vesting of restricted stock units | ​ | ​ | 142 | ​ | ​ | Anti-dilutive
Weighted average diluted number of common shares outstanding - diluted | ​ | ​ | 16,535 | ​ | ​ | 16,303
Diluted net income (loss) per share of common stock | ​ | $ | 1.28 | ​ | $ | (5.69)
​ We compute earnings per share in accordance with ASC Topic 260, Earnings per Share ("ASC 260"), which requires earnings per share for each class of stock (common stock and participating preferred stock) to be calculated using the two-class method which allocates earnings for the reporting period between common shareholders and other security holders based on their respective participation rights in undistributed earnings. Diluted EPS was calculated using the two-class method, as this computation was more dilutive than the calculation using the if-converted method. For additional information on our Series A redeemable convertible preferred stock, which is considered a participating security, see Note 10. ​ For the three months ended March 31, 2023, common stock equivalents, including options and restricted stock units, totaling 0.5 million were anti-dilutive and not included in the computation of diluted earnings per share of common stock. For the three months ended March 31, 2022, common stock equivalents, including warrants, options and restricted stock units, totaling 7.7 million (including 6.9 million warrants which expired in October 2022) 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.

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