Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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 June 30, 2023					Three Months Ended June 30, 2022
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	24,937	22,615	$	1.10	$	88,790	17,581	$	5.05
Dilutive Securities:
Performance Based Stock Unit Awards			19					171
RSU Awards			33					128
Stock Option Awards			7					58
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	24,937	22,674	$	1.10	$	88,790	17,938	$	4.95


	Six Months Ended June 30, 2023					Six Months Ended June 30, 2022
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	119,429	22,527	$	5.30	$	24,535	17,146	$	1.43
Dilutive Securities:
Performance Based Stock Unit Awards			58					142
RSU Awards			62					188
Stock Option Awards			7					30
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	119,429	22,654	$	5.27	$	24,535	17,506	$	1.40

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 June 30, 2023 because they were antidilutive, while there were no antidilutive stock options for the three months ended June 30, 2022. Additionally, there were 0.1 million and less than 0.1 million stock options to purchase

shares which were not included in the computation of Diluted EPS for the six months ended June 30, 2023 and 2022, respectively, because they were antidilutive.

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 June 30, 2023 and 2022 because they were antidilutive while less than 0.1 million shares of RSUs were not included in the computation of Diluted EPS for the six months ended June 30, 2023 and 2022 because they were antidilutive.

There were 0.1 million shares of PSUs excluded from Diluted EPS for the three months ended June 30, 2023 because they were antidilutive while there were no antidilutive shares of PSUs that could be converted to common shares for the three months ended June 30, 2022. Additionally, there were 0.1 million shares of PSUs that could be converted to common shares which were not included in the computation of Diluted EPS for the six months ended June 30, 2023 because they were antidilutive while there were no antidilutive shares of PSUs that could be converted to common shares for the six months ended June 30, 2022.