Income (Loss) Per Share

3 Months Ended

Mar. 31, 2023

Numerator:

Income (Loss) Per Share

4. INCOME (LOSS) PER SHARE:

The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data):

		Three Months Ended
		March 31,
		2023		2022
Numerator:
Net income (loss) available to common stockholders	$	61,320	$	(24,621)
Net loss attributable to noncontrolling interest in consolidated joint venture		(763)		—
Net income (loss) available to common stockholders - if-converted method	$	60,557	$	(24,621)
Denominator:
Weighted average shares outstanding - basic		55,182		55,086
Effect of dilutive stock-based compensation		281		—
Effect of dilutive put rights		3,863		—
Weighted average shares outstanding - diluted		59,326		55,086
Basic income (loss) per share available to common stockholders	$	1.11	$	(0.45)
Diluted income (loss) per share available to common stockholders	$	1.02	$	(0.45)

For the three months ended March 31, 2022, the effect of dilutive stock-based compensation was the equivalent of 0.3 million shares of common stock outstanding. Because the Company had a loss available to common stockholders in the three months ended March 31, 2022, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, although currently not exercisable, the OEG Investor has certain put rights (the “OEG Put Rights”) to require the Company to purchase the OEG Investor’s equity interest in OEG, which the Company may pay in cash or Company stock, at the Company’s option. The Company calculated potential dilution for the OEG Put Rights based on the if-converted method, which assumes the OEG Put Rights were converted on the first day of the period or the date of issuance and the OEG Investor’s noncontrolling equity interest was redeemed in exchange for shares of the Company’s common stock.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders in the Operating Partnership have been excluded from the denominator of the diluted income (loss) per share calculation for the three months ended March 31, 2023 and 2022 as there would be no effect on the calculation of diluted income (loss) per share because the income (loss) attributable to the OP Units held by the noncontrolling interest holders would also be subtracted to derive net income (loss) available to common stockholders.