INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2023

INCOME (LOSS) PER SHARE The Company computes income (loss) per share of common shares. Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding. Diluted income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares together with the number of additional common shares that would have been outstanding if all potentially dilutive common shares had been issued, unless anti-dilutive.

The following table sets forth the computation of basic and dilutive net income (loss) per share attributable to common shareholders:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss)	$	2,844	$	(7,870)	$	(67)	$	(16,496)
Weighted-average number of common shares - basic	152,481,470		145,168,510		152,398,273		145,079,859
Dilutive effect of securities	278,618		—		—		—
Weighted-average number of common shares - diluted	152,760,088		145,168,510		152,398,273		145,079,859
Income (loss) per common share – basic	$	0.02	$	(0.05)	$	—	$	(0.11)
Income (loss) per common share – diluted	$	0.02	$	(0.05)	$	—	$	(0.11)

As of June 30, 2023 and 2022, potentially dilutive securities include stock options, restricted share units, and convertible debenture conversion. The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. The number of shares issuable upon the exercise of share-based awards excluded from the calculation of diluted EPS because the effect of their inclusion would have been anti-dilutive totaled 9,411,551 for the three months ended June 30, 2023.

The Company's debenture is convertible into 19.9% ownership of the Company’s common shares at a conversion price of C$2.00 per common share of the Company. The Company can settle the convertible debenture in shares. If the convertible debenture in diluted EPS is anti-dilutive, or if the conversion value of the debenture does not exceed their conversion price for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the three months ended June 30, 2023, the price of the Company’s Shares did not exceed the conversion price and therefore there was no impact to diluted EPS during those periods.

When the Company recognizes a net loss, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per share.