EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Net Income (Loss) Attribute To Common Stockholders

The following table summarizes net income (loss) attributable to common stockholders used in the calculation of basic and diluted income per common share:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
(Dollars in thousands - except share and per share amounts)
Distributed earnings allocated to common stock	$	—	$	—	$	—	$	—
Net income (loss) attributable to common stock and participating securities used to calculate basic (loss) earnings per share	(5,586)		4,184		(2,301)		42,619
Net earnings allocated to Series A convertible preferred stock	(1,210)		2,271		(3,590)		21,584
Net earnings allocated to common stock and participating securities	$	(6,796)	$	6,455	$	(5,891)	$	64,203

Weighted average shares outstanding	13,963,010		10,831,960		13,169,862		11,630,292
Dilutive effect of pre-funded warrants	300,357		300,357		300,357		300,357
Weighted average shares outstanding - basic	14,263,367		11,132,317		13,470,219		11,930,649

Weighted average common shares outstanding	13,963,010		10,831,960		13,169,862		11,630,292
Weighted average pre-funded warrants	300,357		300,357		300,357		300,357
Weighted average warrants (equity)	—		434,727		—		611,612
Weighted average warrants (liabilities)	—		—		—		425,210
Weighted average options	—		316,941		—		384,120
Weighted average shares outstanding - diluted	14,263,367		11,883,985		13,470,219		13,351,591

Basic income (loss) per common share	$	(0.48)	$	0.38	$	(0.44)	$	3.57
Diluted income (loss) per common share	$	(0.48)	$	0.35	$	(0.49)	$	2.39

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share

The following common stock equivalent shares were excluded from the computation of the diluted income (loss) per share since their inclusion would have been anti-dilutive:


	Three months ended September 30,		Nine months ended September 30,
	2023	2022	2023	2022
Warrants (liabilities)	—	302,235	—	—
Stock options	193,651	245,032	193,651	245,032
Restricted stock units	415,489	88,605	415,489	45,361
Shares issuable under the Employee Stock Purchase Plan	27,266	25,418	27,266	25,418
Share equivalents excluded from diluted EPS	636,406	661,290	636,406	315,811