EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

EARNINGS PER SHARE

Schedule of calculation of earnings (loss) per share

The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts):

	Three Months Ended
	March 31,
	2023		2022
Basic:
Net income (loss)	$	22,811	$	(92,744)
Less: Preferred stock dividend		(1,492)		—
Less: Undistributed earnings allocable to preferred shareholders		(120)		—
Net income (loss) available to common stockholders	$	21,199	$	(92,744)
Weighted average basic number of common shares outstanding - basic		16,393		16,303
Basic net income (loss) per share of common stock	$	1.29	$	(5.69)
Diluted:
Net income (loss) available to common stockholders - basic	$	21,199	$	(92,744)
Reallocation of undistributed earnings		1		—
Net income (loss) available to common stockholders - diluted	$	21,200	$	(92,744)
Weighted average basic number of common shares outstanding - basic		16,393		16,303
Common stock equivalent shares representing shares issuable upon:
Exercise of warrants and stock options		Anti-dilutive		Anti-dilutive
Vesting of restricted stock units		142		Anti-dilutive
Weighted average diluted number of common shares outstanding - diluted		16,535		16,303
Diluted net income (loss) per share of common stock	$	1.28	$	(5.69)