Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

20. 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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023			2022			2021
	(In thousands of U.S. dollars, except share data)
Basic earnings (loss) per share
Net income (loss)	$	(36,622	)	$	(8,036	)	$	56,708

Basic weighted average common stock outstanding		41,013,069			44,850,791			44,879,412
Basic earnings (loss) per common share	$	(0.89	)	$	(0.18	)	$	1.26
Diluted earnings (loss) per share
Net income (loss)	$	(36,622	)	$	(8,036	)	$	56,708
Add back: Interest expense on 5.0% Exchangeable Notes		—			—			959

Net income (loss) allocated to common stockholders	$	(36,622	)	$	(8,036	)	$	57,667

Basic weighted average common stock outstanding		41,013,069			44,850,791			44,879,412
Net effect of dilutive equity awards		—			—			1,403,789
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock		—			—			1,426,172

Diluted weighted average common stock outstanding		41,013,069			44,850,791			47,709,373
Diluted earnings (loss) per common share	$	(0.89	)	$	(0.18	)	$	1.21

Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the potentially dilutive impact of stock options and restricted stock units. As the Company has reported loss for the year ended December 31, 2023 and 2022, all potentially dilutive securities 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:


	Year Ended December 31,
	2023		2022		2021
Options		802,858		1,137,558		50,000
Restricted Stock Units		1,006,367		815,407		—