EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

NOTE 11. EARNINGS PER SHARE (EPS)

The Company had dividend eligible Performance Units and Deferred Stock Units that were outstanding during the years ended

December 31, 2021, 2020 and 2019. The basic and diluted per share computations include these unvested Performance Units and

Deferred Stock Units if there is income available to common stock, as they have dividend participation rights. The unvested Performance

Units and Deferred Stock Units have no contractual obligation to share in losses. Because there is no such obligation, the unvested

Performance Units and Deferred Stock Units are not included in the basic and diluted EPS computations when no income is available to

common stock even though they are considered participating securities.

The table below reconciles the numerator and denominator of EPS for the years ended December 31, 2021, 2020 and 2019.

(in thousands, except per-share information)

2021

2020

2019

Basic and diluted EPS per common share:

Numerator for basic and diluted EPS per share of common stock:

Net (loss) income - Basic and diluted

$

(64,760)

$

2,128

$

24,265

Weighted average shares of common stock:

Shares of common stock outstanding at the balance sheet date

176,993

76,073

63,062

Unvested dividend eligible share based compensation

outstanding at the balance sheet date

-

96

63

Effect of weighting 

(55,849)

(8,958)

(6,797)

Weighted average shares-basic and diluted

121,144

67,211

56,328

Net (loss) income per common share:

Basic and diluted

$

(0.54)

$

0.03

$

0.43

Anti-dilutive incentive shares not included in calculation.

281

-

-