EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2022

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 three months March 31, 2022 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 recorded in those periods. The computation of diluted shares for the three months ended March 31, 2021 excludes the effect of these common stock equivalents as their inclusion would be anti-dilutive to the loss per share recorded in the period. As of March 31, 2022 there were 457,752 warrants, 770,303 stock option awards, and 269,670 restricted stock awards outstanding that were excluded from the calculation of earnings per share as they would be anti-dilutive. As of March 31, 2021, there were 2,285,784 warrants, 789,586 stock options and 1,080,334 restricted stock awards outstanding that were excluded from the calculation of earnings per share as they would be anti-dilutive.

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


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	30,275	$	(2,861)
Denominator:
Weighted average number of common shares outstanding	179,961		179,808
Earnings (loss) per common share:
Earnings (loss) per common share, basic	$	0.17	$	(0.02)

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


	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss)	$	30,275	$	(2,861)
Denominator:
Weighted average number of common shares outstanding	179,961		179,808
Effect of dilutive securities	1,720		—
Weighted average number of common shares outstanding, diluted	181,681		179,808
Earnings (loss) per common share:
Earnings (loss) per common share, diluted	$	0.17	$	(0.02)