Loss Per Common Share

9 Months Ended

Sep. 30, 2023

Loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net loss available to common stockholders is net loss adjusted for preferred stock dividends declared. Diluted loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding, increased by the shares used in the per share calculation by the dilutive effects of restricted stock and option awards. The table below reflects the calculation of loss per common share and the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted loss per common share (in thousands, expect per share amounts).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Loss per common share
Net loss	$	(3,328)	$	(3,762)	$	(60,300)	$	(108,458)
Preferred Stock Dividend	1,525		—		4,469		—
Net loss available to common shareholders	$	(4,853)	$	(3,762)	$	(64,769)	$	(108,458)
Basic weighted average shares outstanding	17,778		18,885		18,230		18,854
Loss per common share	$	(0.27)	$	(0.20)	$	(3.55)	$	(5.75)

Diluted loss per common share
Net loss available to common shareholders	$	(4,853)	$	(3,762)	$	(64,769)	$	(108,458)
Basic weighted average shares outstanding	17,778		18,885		18,230		18,854
Effect of dilutive restricted stock and options	42		42		64		52
Diluted weighted average shares outstanding	17,820		18,927		18,294		18,906
Diluted loss per common share	$	(0.27)	$	(0.20)	$	(3.54)	$	(5.74)

The table below reflects a summary of securities that could potentially dilute basic loss per common share in future periods that were not included in the computation of diluted loss per share because the effect would have been antidilutive (in thousands).


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
	(Unaudited)		(Unaudited)
Antidilutive securities:
Stock options	163,382	135,597	163,382	135,597
Restricted shares	894,703	613,074	895,152	581,042
Total antidilutive securities	1,058,085	748,671	1,058,534	716,639