EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

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 nine and three

months ended September 30, 2022 and 2021. 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 nine and three months ended September 30, 2022 and

2021.

(in thousands, except per share information)

Nine Months Ended September 30,

Three Months Ended September 30,

2022

2021

2022

2021

Basic and diluted EPS per common share:

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

Net (loss) income - Basic and diluted

$

(293,380)

$

(20,196)

$

(84,514)

$

26,038

Weighted average shares of common stock:

Shares of common stock outstanding at the balance sheet date

35,066

30,664

35,066

30,664

Unvested dividend eligible share based compensation

outstanding at the balance sheet date

-

-

-

53

Effect of weighting 

271

(9,603)

140

(5,000)

Weighted average shares-basic and diluted

35,337

21,061

35,206

25,717

Net (loss) income per common share:

Basic and diluted

$

(8.31)

$

(0.95)

$

(2.40)

$

1.00

Anti-dilutive incentive shares not included in calculation

89

53

89

-