EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2021

The following are the components and results of operations and earnings (loss) per common share calculations for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
(amounts in thousands, except per share data)	2021		2020		2021		2020
Net (loss) income available to common shareholders - used in calculating basic EPS	$	8,794	$	250	$	25,847	$	(8,403)
Adjustment for private warrant liability (1)	—		—		17,989		—
Net (loss) income - used in calculating diluted EPS	$	8,794	$	250	$	7,858	$	(8,403)

Weighted-average common shares outstanding – basic	11,900		6,123		11,534		6,123
Weighted-average common shares outstanding – diluted	11,904		6,123		12,059		6,123

Basic (loss) income per common share	$	0.74	$	0.04	$	2.24	$	(1.37)
Diluted (loss) income per common share	$	0.74	$	0.04	$	0.65	$	(1.37)

(1) Diluted earnings per share for the nine months ended September 30, 2021 is calculated based on adjusted net income of $7.9 million due to the elimination of the revaluation gain on the private warrant liability.

The following table represents the reconciliation from basic to diluted shares weighted shares outstanding used in the calculation of basic and diluted earnings per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
(amounts in thousands)	2021	2020	2021	2020
Weighted average shares used in computing net income per share of common stock, basic	11,900	6,123	11,534	6,123
Add:
Public warrants	—	—	152	—
Private warrants	—	—	372	—
Time-based RSUs	4	—	1	—
Weighted average shares used in computing net income per share of common stock, diluted	11,904	6,123	12,059	6,123

For the three months ending September 30, 2021, our public warrants, private warrants, and performance based shares were excluded from the computation of diluted weighted average shares outstanding as the necessary conditions had not been achieved for the performance based shares and the average stock price for the period was below the strike price for the warrants. For the nine months ending September 30, 2021, our performance based shares were excluded from the computation of diluted weighted average shares outstanding as the necessary conditions had not been achieved. For the three and nine months ended September 30, 2021, our performance based and market condition RSUs were excluded because the vesting is contingent upon the satisfaction of certain conditions which had not been achieved as of September 30, 2021. There were no

potentially dilutive warrants or performance shares excluded from the calculation of diluted shares in periods presented because the impact would have been anti-dilutive.

The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock:


	Three Months Ended September 30,		Nine Months Ended September 30,
(amounts in thousands)	2021	2020	2021	2020
Performance based shares outstanding	300	—	300	—
Public warrants	6,946	—	—	—
Private warrants	16,929	—	—	—
Performance based and market-condition RSUs	348	—	348	—
Total	24,523	—	648	—