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Earnings (loss) per common share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings (loss) per common share |
1 3. | Earnings (loss) per common share
The following table sets forth the computation of basic and diluted earnings (loss) per common share (each adjusted to account for the 50-for-1 reverse stock split) for the periods presented (in thousands, except per share amounts):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (28,965 | ) |  | $ | (47,420 | ) |  | $ | 34,295 |  |  | $ | (129,455 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares for basic loss per common share |  |  | 9,261 |  |  |  | 8,444 |  |  |  | 8,877 |  |  |  | 7,762 |
Effect of dilutive securities |  |  | — |  |  |  | — |  |  |  | 328 |  |  |  | — |
Weighted average common shares for diluted loss per common share |  |  | 9,261 |  |  |  | 8,444 |  |  |  | 9,205 |  |  |  | 7,762 |
Earnings (loss) per common share, basic |  | $ | (3.13 | ) |  | $ | (5.62 | ) |  | $ | 3.86 |  |  | $ | (16.68 | )
Earnings (loss) per common share, diluted |  | $ | (3.13 | ) |  | $ | (5.62 | ) |  | $ | 3.73 |  |  | $ | (16.68 | )
Since we reported a net loss for the three months ended September 30, 2022, and for three and nine months ended September 30, 2021, our potentially dilutive securities are deemed to be anti-dilutive, accordingly, there was no effect of dilutive securities. Therefore, our basic and diluted loss per common share and our basic and diluted weighted average common shares are the same for the three months ended September 30, 2022 and for the three and nine months ended September 30, 2021. There were 58 thousand of outstanding PSUs as of September 30, 2022 that were not potentially dilutive securities for the nine months ended September 30, 2022 because their performance requirements have not been met. The following table sets forth the outstanding securities as of the periods presented which were not included in the calculation of diluted earnings per common share during the respective three months ended September 30, 2022, and three and nine months ended September 31, 2021 (in thousands):
|  | As of September 30, |
|  | 2022 |  |  | 2021 |
Stock options |  |  | 197 |  |  |  | 369 |
RSUs |  |  | 301 |  |  |  | 323 |
PSUs |  |  | 100 |  |  |  | 194 |
Warrants |  |  | 411 |  |  |  | 103 |
|  |  | 1,009 |  |  |  | 989 |

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