Earnings per Share

9 Months Ended

Sep. 30, 2022

Earnings per Share

Earnings per Share

Note 9. Earnings per Share

The following sets forth the calculation of earnings (loss) per share, or EPS, for the periods indicated (in thousands, except per share amounts):

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income (loss)	$	47,234	$	(13,470)	$	27,840	$	(67,821)
Less: Net income allocated to participating securities		2,272		—		1,310		—
Basic and diluted earnings available to common stockholders	$	44,962	$	(13,470)	$	26,530	$	(67,821)
Common shares:
Common shares outstanding — basic		38,441		37,996		38,318		37,937
Dilutive effect of potential common shares		—		—		—		—
Common shares outstanding — diluted		38,441		37,996		38,318		37,937
Net earnings (loss) per share:
Basic	$	1.17	$	(0.35)	$	0.69	$	(1.79)
Diluted	$	1.17	$	(0.35)	$	0.69	$	(1.79)
Antidilutive warrants (1)		—		2,174		—		2,174

(1) Amount represents warrants to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect.