Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Note 19 — Earnings (Loss) Per Share

The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings.

The following table presents the basic and diluted income (loss) per share calculations for the years ended December 31, 2022, 2021, and 2020:


	December 31,
	2022		2021		2020
	(In thousands, except per share data)
Basic EPS:
Net income	$	32,211	$	29,224	$	17,777
Less: deemed dividends on preferred stock		—		—		48,955
Net income (loss) attributable to common shareholders		32,211		29,224		(31,178	)
Less: earnings attributable to participating securities		491		8,589		—
Net earnings (loss) attributable to common shareholders	$	31,720	$	20,635	$	(31,178	)
Weighted average common shares outstanding		31,913		22,813		20,087
Basic income (loss) per common share	$	0.99	$	0.90	$	(1.55	)
Diluted EPS:
Net income (loss) attributable to common shareholders	$	32,211	$	20,635	$	(31,178	)
Weighted average common shares outstanding		31,913		22,813		20,087
Add dilutive effects for assumed conversion of Series A preferred stock		—		8,989		—
Add dilutive effects for warrants		2,025		1,974		—
Add dilutive effects for stock options		5		3		—
Add dilutive effects of unvested restricted stock awards		188		203		—
Weighted average diluted common shares outstanding		34,131		33,982		20,087
Diluted income (loss) per common share	$	0.94	$	0.86	$	(1.55	)

The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive (in-thousands):


	December 31,
	2022		2021		2020
Shares underlying Series A Convertible Preferred Stock		—		—		11,688
Shares underlying warrants		—		—		3,013
Stock options		773		773		785
Unvested restricted stock awards		—		—		—
Shares equivalents excluded from EPS		773		773		15,486