Earnings per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share

Basic earnings per share, or "EPS," is calculated by dividing net income (loss) for the period by the weighted average of the Company's common shares outstanding for the period. Diluted EPS takes into account the effect of outstanding dilutive instruments, such as share options and warrants, if any, and uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. As of December 31, 2022 and 2021, the Company did not have any dilutive instruments outstanding.

The following table presents a reconciliation of the earnings/(losses) and shares used in calculating basic EPS for the years ended December 31, 2022 and 2021:


	Year Ended
(In thousands except for share amounts)	December 31, 2022		December 31, 2021
Numerator:
Net income (loss)	$	(30,198)	$	(6,309)
Denominator:
Basic and diluted weighted average shares outstanding	13,163,106		12,683,761
Basic and diluted earnings per share	$	(2.29)	$	(0.50)