Net income/(loss) per Common Share

9 Months Ended

Sep. 30, 2021

The computation of basic net income/(loss) per share is based on the weighted average number of common stock outstanding for the three and nine months ended September 30, 2021 and 2020. Diluted net income/(loss) per share gives effect to restricted stock awards and stock options using the treasury stock method, unless the impact is anti-dilutive. Diluted net income per share for three and nine months ended September 30, 2021 does not include 21,718 warrants and 28,046 restricted shares, as their effect was anti-dilutive. Additionally, the Convertible Bond Debt is not considered a participating security and therefore not included in the computation of the Basic net income per share for the three and nine months ended September 30, 2021. The Company determined that it does not overcome the presumption of share settlement of outstanding debt and therefore the Company applied the if-converted method and included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted income per share for the three and nine months ended September 30, 2021 as their effect was Dilutive. Diluted net loss per share for the three and nine months ended September 30, 2020 does not include 222,775 stock awards, 326,024 stock options and 21,752 warrants, as their effect was anti-dilutive.

The following table summarizes the calculation of basic and diluted income/(loss) per share:


	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net income/(loss)	$	78,341,270	$	(11,159,286)	$	97,415,605	$	(35,178,372)
Weighted Average Shares - Basic	12,802,401		10,279,698		12,237,288		10,274,906
Dilutive effect of stock options, shares issuable under Convertible Bond Debt and restricted stock awards	3,133,973		—		3,117,193		—
Weighted Average Shares - Diluted	15,936,374		10,279,698		15,354,481		10,274,906
Basic income/(loss) per share	$	6.12	$	(1.09)	$	7.96	$	(3.42)
Diluted income/(loss) per share	$	4.92	$	(1.09)	$	6.34	$	(3.42)