Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

Computations of Basic and Diluted Earnings Per Share

The computations of basic and diluted EPS are set forth below:


	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2023			2022		2023			2022
	(in thousands, except per share amounts, unaudited)
Numerator for basic and diluted EPS — net income (loss)	$	(28,143)		$	14,211	$	(47,024)		$	(16,627)
Denominator for basic EPS — weighted average number of shares	18,815			17,936		18,646			18,198
Add — dilutive effect of:
Restricted stock units	—		(1)	3,160		—		(1)	—		(1)
Denominator for diluted EPS — weighted average number of shares and dilutive securities	18,815		(1)	21,096		18,646		(1)	18,198		(1)
Earnings (loss) per share:
Basic EPS	$	(1.50)		$	0.79	$	(2.52)		$	(0.91)
Diluted EPS	$	(1.50)		$	0.67	$	(2.52)		$	(0.91)

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(1) Excludes 4,007,731 unamortized restricted stock units that were antidilutive for the three months ended September 30, 2023, and 3,567,979 and 4,255,000 unamortized restricted stock units that were antidilutive for the nine months ended September 30, 2023, and September 30, 2022, respectively, and thus were not included in the above calculation. The incremental shares that could be included in the diluted EPS calculation in future periods will vary based on a variety of factors, including the future share price and the amount of unrecognized compensation cost. The incremental shares included, if any, would be less than the number of outstanding restricted stock units.

Schedule of Activity Related to Restricted Stock Units

The activity related to the restricted stock units is set forth below:


	Restricted Stock Units Outstanding
	2023			2022
	Units	Grant Date Weighted Average Fair Value		Units	Grant Date Weighted Average Fair Value
Outstanding, January 1,	6,589,995	$	13.80	7,799,509	$	13.78
Granted	2,239,390	10.10		1,810,570	16.10
Delivered	(2,092,161)	14.76		(1,836,150)	14.77
Forfeited	(574,745)	12.17		(251,177)	14.12
Outstanding, September 30,	6,162,479	$	12.25	7,522,752	$	13.91