NET INCOME PER COMMON SHARE (“EPS”) (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Earnings Per Share, Basic and Diluted

The following table presents information necessary to calculate basic and diluted EPS for the three and nine months ended September 30, 2021 and 2020:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net income	$	17,265	$	2,651	$	24,462	$	2,125
Cumulative dividends allocated to Series A Convertible Preferred Stock	—		(682)		—		(1,990)
Net income available for distribution	17,265		1,969		24,462		135
Less: Undistributed earnings allocable to participating securities	—		(196)		—		(13)
Basic and diluted net income attributable to common stockholders	$	17,265	$	1,773	$	24,462	$	122
Less: Effect on net income of dilutive securities using the “if converted” method	—		—		—		—
Diluted net income attributable to common stockholders after adjustment for assumed conversions	$	17,265	$	1,773	$	24,462	$	122
Weighted-average shares of common stock outstanding for basic net income per share attributable to common stockholders	43,760,975		20,688,439		38,497,925		20,688,439
Dilutive effect of warrants using the treasury stock method	710,760		81,971		1,860,523		29,113
Dilutive effect of restricted stock units using the treasury stock method	1,175,279		199,333		1,424,184		127,544
Dilutive effect of stock options using the treasury stock method	641,061		142,232		711,992		47,411
Weighted-average shares of common stock outstanding for diluted net income per share attributable to common stockholders	46,288,075		21,111,975		42,494,624		20,892,507
Basic net income per share attributable to common stockholders	$	0.39	$	0.09	$	0.64	$	0.01
Diluted net income per share attributable to common stockholders	$	0.37	$	0.08	$	0.58	$	0.01

Schedule of Weighted Average Number of Shares Outstanding

The computation of the weighted-average shares of common stock outstanding for diluted EPS includes the following potential common shares attributable to common stockholders using the treasury stock method for the weighted-average period during which the units were outstanding:


	Three months ended September 30,		Nine months ended September 30,
	2021	2020	2021	2020
Shares subject to warrants outstanding	1,073,839	344,716	2,532,580	344,716
Shares subject to unvested restricted stock units with time-based and/or market-based vesting conditions	1,294,652	402,151	1,536,886	402,151
Shares subject to stock options outstanding	808,127	824,221	858,952	848,837

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The computation of the weighted-average shares of common stock outstanding for diluted EPS excludes the following potential common shares as their inclusion would have an anti-dilutive effect on diluted EPS attributable to common stockholders:


	Three months ended September 30,		Nine months ended September 30,
	2021	2020	2021	2020
Shares subject to warrants outstanding	—	3,541,475	—	3,541,475
Shares subject to unvested restricted stock units with performance vesting conditions	—	2,117,228	—	2,117,228
Shares subject to unvested restricted stock units with only time-based vesting conditions	66,451	—	29,816	—
Shares subject to stock options outstanding	44	—	11	—
Shares of common stock subject to conversion of 7,725,045 shares Series A Convertible Preferred Stock	—	2,291,469	—	2,291,469
Shares of common stock subject to share settlement of cumulative dividend on Series A Convertible Preferred Stock	—	57,797	—	168,644