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EARNINGS PER SHARE

9 Months Ended

Sep. 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						Nine Months Ended
		September 30,						September 30,
		2023			2022			2023			2022
Basic:
Net (loss) income		$	(53,799)		$	105,888		$	(35,736)		$	26,191
Less: Preferred stock dividend			(3,863)			—			(6,352)			—
Less: Undistributed earnings allocable to preferred stockholders			—			—			—			—
Net (loss) income available to common stockholders		$	(57,662)		$	105,888		$	(42,088)		$	26,191
Weighted average basic number of common shares outstanding basic			16,457			16,340			16,436			16,327
Basic net (loss) income per share of common stock		$	(3.50)		$	6.48		$	(2.56)		$	1.60

Diluted:
Net (loss) income available to common stockholders basic		$	(57,662)		$	105,888		$	(42,088)		$	26,191
Reallocation of undistributed earnings			—			—			—			—
Net (loss) income available to common stockholders diluted		$	(57,662)		$	105,888		$	(42,088)		$	26,191

Weighted average basic number of common shares outstanding basic			16,457			16,340			16,436			16,327
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			143			Anti-dilutive			169
Weighted average diluted number of common shares outstanding diluted			16,457			16,483			16,436			16,496
Diluted net (loss) income per share of common stock		$	(3.50)		$	6.42		$	(2.56)		$	1.59

The Company computes 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 earnings per share 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 the Company’s preferred stock, which is considered a participating security, see Note 10, “Redeemable Convertible Preferred Stock”.

For the three and nine months ended September 30, 2023, common stock equivalents, including options and restricted stock units, totaling 0.3 million and 0.6 million, respectively, were anti-dilutive and not included in the computation of diluted earnings per share of common stock. For the three and nine months ended September 30, 2022, common stock equivalents, including warrants, options and RSUs, totaling 7.4 million were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive.