EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

The Company presents basic and diluted earnings per share for its common stock. Basic earnings per share is calculated by dividing the net income of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted earnings 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 are 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 ended March 31, 2023 and 2022 includes the effect of shares that would be issued in connection with warrants, stock options, restricted stock awards and performance stock unit awards, as these common stock equivalents are dilutive to the earnings per share recorded in those periods. As of March 31, 2023, there were 871,491 stock option awards, 342,894 restricted stock awards and 90,159 performance stock unit awards outstanding that were excluded from the calculation of earnings per share as they would be anti-dilutive. 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.

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


	Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	39,208	$	30,275
Denominator:
Weighted average number of common shares outstanding	181,262		179,961
Earnings per common share:
Earnings per common share, basic	$	0.22	$	0.17

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


	Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	39,208	$	30,275
Denominator:
Weighted average number of common shares outstanding	181,262		179,961
Effect of dilutive securities	1,473		1,720
Weighted average number of common shares outstanding, diluted	182,735		181,681
Earnings per common share:
Earnings per common share, diluted	$	0.21	$	0.17