Earnings (loss) per common share

9 Months Ended

Sep. 30, 2022

13.	Earnings (loss) per common share

The following table sets forth the computation of basic and diluted earnings (loss) per common share (each adjusted to account for the 50-for-1 reverse stock split) for the periods presented (in thousands, except per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022		2021
Numerator:
Net income (loss)	$	(28,965	)	$	(47,420	)	$	34,295	$	(129,455	)
Denominator:
Weighted average common shares for basic loss per common share		9,261			8,444			8,877		7,762
Effect of dilutive securities		—			—			328		—
Weighted average common shares for diluted loss per common share		9,261			8,444			9,205		7,762
Earnings (loss) per common share, basic	$	(3.13	)	$	(5.62	)	$	3.86	$	(16.68	)
Earnings (loss) per common share, diluted	$	(3.13	)	$	(5.62	)	$	3.73	$	(16.68	)

Since we reported a net loss for the three months ended September 30, 2022, and for three and nine months ended September 30, 2021, our potentially dilutive securities are deemed to be anti-dilutive, accordingly, there was no effect of dilutive securities. Therefore, our basic and diluted loss per common share and our basic and diluted weighted average common shares are the same for the three months ended September 30, 2022 and for the three and nine months ended September 30, 2021. There were 58 thousand of outstanding PSUs as of September 30, 2022 that were not potentially dilutive securities for the nine months ended September 30, 2022 because their performance requirements have not been met.

The following table sets forth the outstanding securities as of the periods presented which were not included in the calculation of diluted earnings per common share during the respective three months ended September 30, 2022, and three and nine months ended September 31, 2021 (in thousands):

	As of September 30,
	2022		2021
Stock options		197		369
RSUs		301		323
PSUs		100		194
Warrants		411		103
		1,009		989