EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2021

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


	Twelve Months Ended December 31,
	2021		2020
(amounts in thousands, except per share data)			(As Restated)
Net income (loss) available to common shareholders - used in calculating basic EPS	$	17,043	$	(12,214)
Adjustment for private warrant liability	—		—
Net income (loss) - used in calculating diluted EPS	$	17,043	$	(12,214)

Weighted-average common shares outstanding – basic	11,851		6,123
Weighted-average common shares outstanding – diluted	11,939		6,123

Net income (loss) per share - basic	$	1.44	$	(1.99)
Net income (loss) per share - diluted	$	1.43	$	(1.99)

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


	Twelve Months Ended December 31,
(amounts in thousands)	2021	2020
Weighted average shares used in computing net income per share of common stock, basic	11,851	6,123
Add:
Time-based RSUs	88	—
Weighted average shares used in computing net income per share of common stock, diluted	11,939	6,123

For the twelve months ended December 31, 2021, our performance based shares, Public Warrants and Private Warrants 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 twelve months ended December 31, 2021, our performance based and market condition RSUs were also excluded because the vesting is contingent upon the satisfaction of certain conditions which had not been achieved as of December 31, 2021. There were no warrants, performance based shares, or RSUs outstanding as of December 31, 2020.

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


	Twelve Months Ended December 31,
(amounts in thousands)	2021	2020
Performance based shares outstanding	300	—
Public Warrants	6,946	—
Private Warrants	16,927	—
Performance based and market-condition RSUs	348	—
Total	24,521	—