Earnings Per Share

9 Months Ended

Sep. 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 nine months ended September 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 September 30, 2023					Three Months Ended September 30, 2022
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	(4,771)	22,985	$	(0.21)	$	142,541	22,308	$	6.39
Dilutive Securities:
Performance Based Stock Unit Awards			—					169
RSU Awards			—					137
Stock Option Awards			—					55
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	(4,771)	22,985	$	(0.21)	$	142,541	22,669	$	6.29


	Nine Months Ended September 30, 2023					Nine Months Ended September 30, 2022
	Net Income (Loss)		Shares	Per Share Amount		Net Income (Loss)		Shares	Per Share Amount
Basic EPS:
Net Income (Loss) and Share Amounts	$	114,658	22,677	$	5.06	$	167,076	18,885	$	8.85
Dilutive Securities:
Performance Based Stock Unit Awards			67					141
RSU Awards			91					171
Stock Option Awards			17					40
Diluted EPS:
Net Income (Loss) and Assumed Share Conversions	$	114,658	22,852	$	5.02	$	167,076	19,237	$	8.69

On September 18, 2023, the Company issued 2,810,811 shares of its common stock in a registered underwritten offering, for aggregate net proceeds, after offering expenses and fees, of approximately $97.1 million.

There were 0.2 million stock options that were not included in the computation of Diluted EPS for the three months ended September 30, 2023 because they were antidilutive due to the net loss, while there were no antidilutive stock options for the three months ended September 30, 2022. Additionally, there were less than 0.1 million stock options to purchase shares which were not included in the computation of Diluted EPS for both the nine months ended September 30, 2023 and 2022, because they were antidilutive.

There were 0.2 million shares of RSUs that were not included in the computation of Diluted EPS for the three months ended September 30, 2023 because they were antidilutive due to the net loss and less than 0.1 million shares of RSUs that were not included in the computation of Diluted EPS for the three months ended September 30, 2022 because they were antidilutive. Additionally, there were less than 0.1 million shares of RSUs which were not included in the computation of Diluted EPS for both the nine months ended September 30, 2023 and 2022 because they were antidilutive.

There were 0.1 million shares of PSUs that were not included in the computation of Diluted EPS for the three months ended September 30, 2023 because they were antidilutive due to the net loss and no antidilutive shares of PSUs for the three months ended September 30, 2022. Additionally, there were no antidilutive shares of PSUs for both the nine months ended September 30, 2023 and 2022.