EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2021

EARNINGS (LOSS) PER SHARE

The Company presents basic and diluted earnings (loss) per share for its common stock. Basic earnings (loss) per share is calculated by dividing the net income (loss) of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is determined by adjusting the profit or loss and the weighted average number of shares of common stock outstanding for the effects of all potentially dilutive securities.

The earnings (loss) is used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. The computation of diluted shares for the year ended December 31, 2021 includes the effect of shares that would be issued in connection with warrants, stock options and restricted stock awards, as these common stock equivalents are dilutive to the earnings per share. The computation of diluted shares for the years ended December 31, 2020 and 2019 excludes the effect of shares that would be issued in connection with warrants, stock options and restricted stock awards, as their inclusion would be anti-dilutive to the loss per share. As of December 31, 2021 there were 457,753 warrants, 490,968 stock options and 316,454 restricted stock awards outstanding that were excluded from the calculation as they would be anti-dilutive. As of December 31, 2020 there were 2,285,784 warrants, 412,831 stock options and 549,650 restricted stock awards outstanding that were excluded from the calculation as they were anti-dilutive. As of December 31, 2019, there were 2,328,120 warrants, 644,975 stock options and 231,562 restricted stock awards outstanding that were excluded from the calculation as they were anti-dilutive.

The following table presents the Company’s basic earnings (loss) per share and shares outstanding (in thousands, except per share data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss) (1)	$	139,898	$	(8,076)	$	(75,920)
Denominator:
Weighted average number of common shares outstanding	179,855		180,971		156,280
Earnings (loss) per Common Share:
Earnings (loss) per common share, basic	$	0.78	$	(0.04)	$	(0.49)

(1) Net income (loss) for the year ended December 31, 2021 includes the impact of the Company’s release of its valuation allowance. See Note 6, Income Taxes, for further discussion.

The following table presents the Company’s diluted earnings (loss) per share and shares outstanding (in thousands, except per share data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss) (1)	$	139,898	$	(8,076)	$	(75,920)
Denominator:
Weighted average number of common shares outstanding	179,855		180,971		156,280
Effect of dilutive securities	1,350		—		—
Weighted average number of common shares outstanding, diluted	181,205		180,971		156,280
Earnings (loss) per Common Share:
Earnings (loss) per common share, diluted	$	0.77	$	(0.04)	$	(0.49)

(1) Net income (loss) for the year ended December 31, 2021 includes the impact of the Company’s release of its valuation allowance. See Note 6, Income Taxes, for further discussion.