EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Components and Results of Operations and Earnings (Loss) Per Common Share Calculations

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)	2022		2021		2022		2021
Net income (loss) available to common shareholders - used in calculating basic EPS	$	(4,920)	$	7,124	$	3,406	$	18,393
Adjustment for private warrant liability1	—		—		—		17,989
Net income (loss) - used in calculating diluted EPS	$	(4,920)	$	7,124	$	3,406	$	404

Weighted-average common shares outstanding – basic	11,938		11,900		11,944		11,834
Weighted-average common shares outstanding – diluted	11,938		11,904		12,215		12,359

Net income (loss) per common share - basic	$	(0.41)	$	0.60	$	0.29	$	1.55
Net income (loss) per common share - diluted	$	(0.41)	$	0.60	$	0.28	$	0.03

1 Diluted earnings per share for the nine months ended September 30, 2021 is calculated based on adjusted net income of $0.4 million due to the elimination of the revaluation gain on the private warrant liability.

Schedule of Weighted Average Shares Outstanding

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 September 30,		Nine Months Ended September 30,
(amounts in thousands)	2022	2021	2022	2021
Weighted average shares used in computing net income (loss) per common share, basic	11,938	11,900	11,944	11,834
Add:
Public warrants	—	—	—	372
Private warrants	—	—	—	152
Service-based RSUs	—	4	271	1
Weighted average shares used in computing net income (loss) per common share, diluted	11,938	11,904	12,215	12,359

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Three Months Ended September 30,		Nine Months Ended September 30,
(amounts in thousands)	2022	2021	2022	2021
Performance shares	300	300	300	300
Public warrants	17,227	16,929	17,227	—
Private warrants	5,476	6,946	5,476	—
Performance based and market-condition RSUs	348	348	348	348
Service-based RSUs	343	—	72	—
Total	23,694	24,523	23,423	648