On March 2, 2021, we entered into a distribution agreement with J.P. Morgan Securities LLC, Barclays Capital Inc., B. Riley Securities, Inc., JMP Securities LLC and Raymond James & Associates, Inc. as sales agents, to sell shares of our common stock having an aggregate gross sales price of up to $200,000,000, from time to time, through an “at-the-market” equity offering program (the “ATM Program”). We have no obligation to sell any shares under the ATM Program and sold no shares under the ATM Program during the year ended December 31, 2022 and 2021.

On November 7, 2022, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $75.0 million of its common stock, par value $0.001 per share. Repurchases under the stock repurchase program may be made at management’s discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements, and may be made in part under one or more Rule 10b5-1 plans, which permit stock repurchases at times when the Company might otherwise be precluded from doing so. The timing and amount of any repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors. There is no guarantee as to the exact number of shares that will be repurchased under the stock repurchase program, or that any repurchases will occur. In addition, the stock repurchase program may be suspended, extended or terminated by the Company at any time without prior notice. As of December 31, 2022, $70.0 million remained available for future repurchases.

As of December 31, 2022 and 2021 there were 41.7 million public warrants outstanding to purchase one-fourth of a share and 5.2 million private placement warrants outstanding to purchase one share of common stock. In the aggregate, we have outstanding warrants to purchase approximately 15.6 million shares of common stock at a price of $11.50 per whole share. Settlement of outstanding warrants will be in shares of our common stock, unless we elect (solely in our discretion) to settle warrants we have called for redemption in cash, and subject to customary adjustment in the event of business combinations and certain tender offers. Unless earlier redeemed, the public warrants will expire on November 19, 2024.

The liability for the private placement warrants was $0.02 million as of December 31, 2022 and is included in accounts payable and accrued liabilities in the consolidated balance sheet.

The table below presents the computation of basic and diluted net earnings per share of common stock for the periods presented:


	Year Ended
(dollars in thousands, except share and per share data):	December 31, 2022			December 31, 2021
Net (loss) income	$	(116,391	)	$	82,488
Basic weighted-average shares of common stock outstanding		132,841,196			132,579,289
Dilutive effect of share-based compensation – unvested restricted stock units (1)		—			87,213
Diluted weighted-average shares of common stock outstanding		132,841,196			132,666,502
Basic earnings per common share	$	(0.88	)	$	0.62
Diluted earnings per common share	$	(0.88	)	$	0.62

(1)

Amounts exclude all potential common and common equivalent shares for periods when there is a net loss from continuing operations.

For the periods presented, the following common stock equivalents were excluded from the calculations of diluted earnings per share because their effect would have been anti-dilutive:


	Year Ended
	December 31, 2022		December 31, 2021
Weighted-average restricted stock units outstanding		27,091		199,709
Unexercised public warrants and private placement warrants		15,604,192		15,604,304
Total stock equivalents excluded		15,631,283		15,804,013