Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

22. Earnings (Loss) Per Share

The following table illustrates the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
	2021		2020		2019
	(In thousands of U.S. dollars, except share data)
Basic earnings (loss) per share
Income (loss) from continuing operations	$	56,708	$	57,059	$	(20,413	)
Income (loss) from discontinued operations, net of tax		—		287,906		(1,413	)

Net income (loss)	$	56,708	$	344,965	$	(21,826	)

Basic weighted average common stock outstanding		44,879,412		35,213,525		34,321,888
Basic earnings (loss) per common share
Continuing operations	$	1.26	$	1.62	$	(0.59	)
Discontinued operations		—		8.18		(0.05	)

Total	$	1.26	$	9.80	$	(0.64	)

Diluted earnings (loss) per share
Income (loss) from continuing operations	$	56,708	$	57,059	$	(20,413	)
Add back: Interest expense on Exchangeable Notes		959		5,708		—

Income (loss) from continuing operations allocated to common stockholders	$	57,667	$	62,767	$	(20,413	)
Income (loss) from discontinued operations, net of tax		—		287,906		(1,413	)

Net income (loss) allocated to common stockholders	$	57,667	$	350,673	$	(21,826	)

Basic weighted average common stock outstanding		44,879,412		35,213,525		34,321,888
Net effect of dilutive equity awards		1,403,789		1,145,906		—
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock		1,426,172		10,144,155		—

Diluted weighted average common stock outstanding		47,709,373		46,503,586		34,321,888
Diluted earnings (loss) per common share
Continuing operations	$	1.21	$	1.35	$	(0.59	)
Discontinued operations		—		6.19		(0.05	)

Total	$	1.21	$	7.54	$	(0.64	)

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


	Year Ended December 31,
	2021		2020		2019
Options		50,000		651,417		2,177,045
Restricted Stock Units		—		—		1,043,303

For the year ended December 31, 2019, 10,153,620 shares of potential common stock from the assumed conversion of Exchangeable

Notes were excluded from the computation of diluted loss per share as the effect were anti-dilutive for the period.

Rights Plan

The Company entered into a Rights Agreement, dated as of December 13,

2021,

between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights Agreement”), and the Board of Directors of the Company authorized and declared a dividend of one preferred stock purchase right (a “Right” and collectively, the “Rights”) for each share of the Company’s common stock, par value $

0.01

per share, outstanding at the close of business on December

2021

. Each Right, once exercisable, will entitle the registered holder to purchase from the Company one

one-thousandth

of a share of Series

A-1

Junior Participating Preferred Stock, par value $

0.01

per share, at a purchase price of $

, subject to adjustment (the “Purchase Price”). The Rights are not presently exercisable and remain attached to the shares of common stock unless and until the occurrence of the earlier of the following (the “Distribution Date”): (i) the tenth day after the public announcement or disclosure by the Company or any person or group of affiliated or associated persons that any person or group of affiliated or associated persons has become an “Acquiring Person” by obtaining beneficial ownership of

12.5

% (or

% in the case of a “passive institutional investor,” which is defined generally as any person who has reported beneficial ownership of shares of common stock on Schedule

G under the Securities Exchange Act of

1934)

or more of the Company’s outstanding common stock, subject to certain exceptions; or (ii) the tenth business day (or such later date as the Company’s Board of Directors may designate before a person or group of affiliated or associated persons becomes an Acquiring Person) after (and not including) the commencement of, or first public announcement of the intent of any person to commence, a tender or exchange offer by any person or group of affiliated or associated persons, which would, if consummated, result in such person or group becoming an Acquiring Person. The Board of Directors may redeem all of the Rights for $

0.001

per Right at any time before any person or group of affiliated or associated persons becomes an Acquiring Person. In addition, at any time on or after any person or group of affiliated or associated persons becomes an Acquiring Person (but before any person or group of affiliated or associated persons becomes the owner of

% or more of the Company’s outstanding common stock), the Board of Directors may exchange all or part of the Rights (other than the Rights beneficially owned by the Acquiring Person and certain affiliated persons) for shares of common stock at an exchange ratio of one share of common stock per Right. The Rights will expire at the close of business on December

2022

, unless redeemed or exchanged prior to that time.

If any person or group of affiliated or associated persons becomes an Acquiring Person, then, after the Distribution Date, each Right (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons or transferees thereof) will entitle the holder to purchase, for the Purchase Price, a number of shares of common stock having a market value of twice the Purchase Price. Alternatively, if, after any person or group of affiliated or associated persons becomes an Acquiring Person, (1) the Company is involved in a merger or other business combination in which the Company is not the surviving corporation or its common stock is changed into or exchanged for other securities or assets; or (2) the Company or one or more of its subsidiaries sell or otherwise transfer assets or earning power aggregating more than 50% of the

assets or earning power of the Company and its subsidiaries, taken as a whole, then each Right (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons) will entitle the holder to purchase, for the Purchase Price, a number of shares of common stock of the other party to such business combination or sale (or in certain circumstances, an affiliate)

having a market value of twice the Purchase Price.