Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Note 11. Net Income (Loss) Per Share

The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three months ended March 31, 2021, and 2020:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net income / (loss)	$	61,914	$	(6,454	)
Denominator:
Weighted average shares outstanding, basic		135,575,145		82,165,241
Dilutive effect of options, warrants, and restricted stock units		12,996,234		-
Weighted average shares outstanding, diluted		148,571,379		82,165,241
Net income (loss) per share, basic	$	0.46	$	(0.08	)
Net income (loss) per share, diluted	$	0.42	$	(0.08	)

The Company’s contingently issuable unvested restricted stock did not meet the performance based vesting condition as of March 31, 2021 and 2020.

Potential dilutive securities, which include stock options, warrants and restricted stock units have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2020 as the effect would be to reduce the net loss per share. Therefore, for this period the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same.

The number of shares underlying outstanding stock options and warrants:

	As of March 31,
	2021		2020
Stock options		11,084,884		11,584,747
Private Warrants		4,233,333		-
XL Legacy Warrants		6,117		2,507,338
Restricted stock units		35,176		-
Total		15,359,510		14,092,085