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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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						Six Months Ended
		June 30,						June 30,
		2023			2022			2023			2022
Basic:
Net income (loss)		$	(4,748)		$	13,047		$	18,063		$	(79,697)
Less: Preferred stock dividend			(997)			—			(2,489)			—
Less: Undistributed earnings allocable to preferred shareholders			—			—			(1,301)			—
Net income (loss) available to common stockholders		$	(5,745)		$	13,047		$	14,273		$	(79,697)
Weighted average basic number of common shares outstanding basic			16,457			16,338			16,425			16,320
Basic net income (loss) per share of common stock		$	(0.35)		$	0.80		$	0.87		$	(4.88)

Diluted:
Net income (loss) available to common stockholders basic		$	(5,745)		$	13,047		$	14,273		$	(79,697)
Reallocation of undistributed earnings			—			—			7			—
Net income (loss) available to common stockholders diluted		$	(5,745)		$	13,047		$	14,280		$	(79,697)

Weighted average basic number of common shares outstanding basic			16,457			16,338			16,425			16,320
Common stock equivalent shares representing shares issuable upon:
Exercise of warrants and stock options			Anti-dilutive			Anti-dilutive			Anti-dilutive			Anti-dilutive
Vesting of restricted stock units			Anti-dilutive			172			95			Anti-dilutive
Weighted average diluted number of common shares outstanding diluted			16,457			16,510			16,520			16,320
Diluted net income (loss) per share of common stock		$	(0.35)		$	0.79		$	0.86		$	(4.88)

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, “Redeemable Convertible Preferred Stock”.

For the three and six months ended June 30, 2023, common stock equivalents, including options and restricted stock units, totaling 0.6 million and 0.5 million, respectively were anti-dilutive and not included in the computation of diluted earnings per share of common stock. For the three and six months ended June 30, 2022, common stock equivalents, including warrants, options and restricted stock units, totaling 7.4 million and 7.7 million, respectively, were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.