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Loss Per Common Share
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Loss Per Common Share

7. Loss Per Common Share

The Company calculates basic and diluted earnings per common share in accordance with ASC 260, “Earnings Per Share,” using the two-class method because the Company’s unvested restricted stock is a participating security since these awards contain

non-forfeitable rights to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed.

Basic earnings per common share excludes dilution and is calculated by dividing earnings to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing earnings to common shares by the weighted-average number of common shares, as adjusted for the potentially dilutive effect of stock options, RSUs and PSUs. The dilutive effect of stock options, RSUs and PSUs is determined using the treasury stock method.

The following table reconciles loss per common share:

 

 

 

Three

 

 

Three

 

 

 

Months

 

 

Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

Basic Loss per Common Share:

 

 

 

 

 

 

 

 

Net loss attributable to common shares — basic

 

$

(17,781

)

 

$

(8,222

)

Weighted average common shares outstanding — basic

 

 

17,344

 

 

 

16,333

 

Basic loss per common share

 

$

(1.03

)

 

$

(0.50

)

 

 

 

 

 

 

 

 

 

Diluted Loss per Common Share:

 

 

 

 

 

 

 

 

Net loss attributable to common shares — diluted

 

$

(17,781

)

 

$

(8,222

)

Weighted average common shares outstanding — diluted

 

 

17,344

 

 

 

16,333

 

Diluted loss per common share

 

$

(1.03

)

 

$

(0.50

)

 

The following table indicates the common stock equivalents related to stock options, RSUs and PSUs that were anti-dilutive and excluded from diluted earnings per common share calculations:

 

 

 

Three

 

 

Three

 

 

 

Months

 

 

Months

 

 

 

Ended

 

 

Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

Anti-dilutive shares due to:

 

 

 

 

 

 

 

 

Exercise prices higher than the average market price

 

 

50

 

 

 

 

Net loss

 

 

 

 

 

162