Earnings Per Share

3 Months Ended

Mar. 31, 2023

(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 months ended March 31, 2023 and 2022 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 March 31, 2023					Three Months Ended March 31, 2022
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	94,492	22,440	$	4.21	$	(64,255)	16,719	$	(3.84)
Dilutive Securities:
Performance Based Stock Unit Awards			97					—
RSU Awards			91					—
Stock Option Awards			6					—
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	94,492	22,634	$	4.17	$	(64,255)	16,719	$	(3.84)

There were 0.1 million stock options to purchase shares which were not included in the computation of Diluted EPS for the three months ended March 31, 2023 because they were antidilutive, while 0.2 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended March 31, 2022 because they were antidilutive due to the net loss.

There were less than 0.1 million shares of RSUs that were not included in the computation of Diluted EPS for the three months ended March 31, 2023 because they were antidilutive while less than 0.1 million shares of RSUs were excluded from Diluted EPS for the three months ended March 31, 2022 because they were antidilutive due to the net loss.

There were 0.1 million shares of PSUs excluded from Diluted EPS for the three months ended March 31, 2023 because they were antidilutive while 0.1 million shares of PSUs were excluded from Diluted EPS for the three months ended March 31, 2022