EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2022

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


	Three Months Ended March 31,
(amounts in thousands, except per share data)	2022		2021
Net income available to common shareholders - used in calculating basic EPS	$	3,964	$	16,059
Adjustment for private warrant liability1	—		15,003
Net income - used in calculating diluted EPS	$	3,964	$	1,056

Weighted-average common shares outstanding – basic	11,955		11,698
Weighted-average common shares outstanding – diluted	12,563		15,325

Net income per common share - basic	$	0.33	$	1.37
Net income per common share - diluted	$	0.32	$	0.07

1 Diluted earnings per share for the three months ended March 31, 2021 is calculated based on adjusted net income of $1.1 million due to the elimination of the revaluation gain on the private warrant liability.

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


	Three Months Ended March 31,
(amounts in thousands)	2022	2021
Weighted average shares used in computing net income per common share, basic	11,955	11,698
Add:
Public warrants	—	2,572
Private warrants	—	1,055
Time-based RSUs	608	—
Weighted average shares used in computing net income per common share, diluted	12,563	15,325

For basic earnings per share, the performance based shares are subject to forfeiture and they are considered share-indexed instruments and not outstanding shares until they are vested. During the three months ended March 31, 2022 and 2021, the vesting criteria has not been met and they are not included.

For the three months ending March 31, 2022, 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. The performance based shares are only considered in the calculation for diluted earnings per share if they are dilutive in nature. The performance based shares are only dilutive when the average share price is greater than the strike price and when positive net income is reported. During the three months ended March 31, 2022 and 2021, the average share price was below the strike price and these shares were not included in the diluted earnings per share calculations. For the three months ended March 31, 2022, 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 March 31, 2022.

For the three months ending March 31, 2021, our public warrants and private warrants were included in the computation of diluted weighted average shares outstanding as the average stock price for the period was above the strike price for the warrants. For the three months ended March 31, 2021, there were no RSUs issued and outstanding.

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 March 31,
(amounts in thousands)	2022	2021
Performance based shares	300	300
Public warrants	17,227	—
Private warrants	5,476	—
Performance based and market-condition RSUs	348	—
Total	23,351	300