Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

16. Earnings (Loss) Per Share

The following table illustrates the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023 and 2022:

	Three Months Ended
	March 31, 2023			March 31, 2022
	(In thousands of U.S. dollars, except share data)
Basic Earnings (Loss) per Share
Net income (loss)	$	(21,470	)	$	9,528
Basic weighted average common stock outstanding		43,390,832			45,603,208
Basic earnings (loss) per share	$	(0.49	)	$	0.21
Diluted Earnings (Loss) per Share
Net income (loss)	$	(21,470	)	$	9,528
Basic weighted average common stock outstanding		43,390,832			45,603,208
Net effect of dilutive equity awards		—			1,090,086
Diluted weighted average common stock outstanding		43,390,832			46,693,294
Diluted earnings (loss) per share	$	(0.49	)	$	0.20

Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the potentially dilutive impact of stock options. As the Company has reported loss for the three months ended March 31, 2023, all potentially dilutive securities, including stock options, are antidilutive and accordingly not considered, therefore basic net loss per share equals diluted net loss per share.

The following outstanding instruments were excluded from the computation of diluted earnings (loss) per share, as they have an anti-dilutive effect on the calculation:

	Three Months Ended
	March 31, 2023		March 31, 2022
Options		1,116,158		130,000
Restricted Stock Units		1,434,827		—