Net Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2023

Basic net earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares.

The following table reconciles the basic to diluted weighted average shares outstanding for the three months ended March 31, 2023. As a result of the Company’s net loss incurred for the three months ended March 31, 2022, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations. Therefore, basic and diluted net loss per share were the same for the three months ended March 31, 2022 as reflected below.


	Three Months Ended March 31,
		2023		2022
Numerator:
Net income (loss)		$	8,068	$	(13,220)
Denominator:
Weighted-average number of common shares – basic		55,631,947		41,465,798
Effect of dilutive stock options and warrants		18,160,939		—
Weighted-average number of common shares – diluted		73,792,886		41,465,798
Earnings per share attributable to common stockholders:
Earnings (Loss) per common share – basic		$	0.15	$	(0.32)
Earnings (Loss) per common share – diluted		$	0.11	$	(0.32)

As of March 31, 2023, the Company’s dilutive instruments included 5,774,772 options, 1,821,738 unvested restricted stock units, and 10,564,429 warrants to purchase common shares.

As of March 31, 2022, the Company’s potentially dilutive instruments included 5,259,847 options, 166,700 unvested restricted stock units and 1,714,429 warrants to purchase common shares that were excluded from the computation of diluted weighted average shares outstanding because these securities had an antidilutive impact due to the loss reported.