Earnings Per Share

9 Months Ended

Sep. 30, 2022

(5) Earnings Per Share

Basic earnings per share (“Basic EPS”) has been computed using the weighted-average number of common shares outstanding during each period. Diluted earnings per share (“Diluted EPS”) assumes, as of the beginning of the period, exercise of stock options and RSU grants using the treasury stock method. Diluted EPS also assumes conversion of PSUs to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. Certain of our stock options and RSU grants that would potentially dilute Basic EPS in the future were also antidilutive for the three and nine months ended September 30, 2022 and 2021 are discussed below.

The following is a reconciliation of the numerators and denominators used in the calculation of Basic EPS and Diluted EPS for the periods indicated below (in thousands, except per share amounts):


	Three Months Ended September 30, 2022					Three Months Ended September 30, 2021
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	142,541	22,308	$	6.39	$	(35,943)	12,629	$	(2.85)
Dilutive Securities:
Performance Based Stock Unit Awards			169					—
RSU Awards			137					—
Stock Option Awards			55					—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	142,541	22,669	$	6.29	$	(35,943)	12,629	$	(2.85)


	Nine Months Ended September 30, 2022					Nine Months Ended September 30, 2021
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	167,076	18,885	$	8.85	$	(27,514)	12,283	$	(2.24)
Dilutive Securities:
Performance Based Stock Unit Awards			141					—
RSU Awards			171					—
Stock Option Awards			40					—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	167,076	19,237	$	8.69	$	(27,514)	12,283	$	(2.24)

There were no antidilutive stock options for the three months ended September 30, 2022, while 0.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended September 30, 2021 because they were antidilutive. Less than 0.1 million and 0.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the nine months ended September 30, 2022 and 2021, respectively, because they were antidilutive.

Less than 0.1 million shares of RSUs were not included in the computation of Diluted EPS for the three months ended September 30, 2022 because they were antidilutive. There were 0.3 million shares of RSUs excluded from Diluted EPS for the three months ended September 30, 2021 because they were antidilutive due to the net loss. Less than 0.1 million shares of RSUs were not included in the computation of Diluted EPS for the nine months ended September 30, 2022 because they were antidilutive, while 0.3 million shares of RSUs were excluded from Diluted EPS for the nine months ended September 30, 2021 because they were antidilutive due to the net loss.

There were no antidilutive shares of PSUs for both the three and nine months ended September 30, 2022. There were 0.1 million and less than 0.1 million shares of PSUs excluded from Diluted EPS for both the three and nine months ended September 30, 2021, respectively, because they were antidilutive due to the net loss.