Earnings per Share

3 Months Ended

Mar. 31, 2023

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
	March 31,
	2023		2022
Net income (loss)	$	352,759	$	(48,614)
Less: Net income allocated to participating securities		16,386		—
Basic and diluted earnings available to common stockholders	$	336,373	$	(48,614)
Common shares:
Common shares outstanding — basic		38,694		38,181
Dilutive effect of potential common shares		—		—
Common shares outstanding — diluted		38,694		38,181
Net earnings (loss) per share:
Basic	$	8.69	$	(1.27)
Diluted	$	8.69	$	(1.27)
Antidilutive warrants (1)		—		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.