Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per ShareBasic earnings per share (“basic EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share (“diluted EPS”) gives effect to all dilutive potential shares.

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Basic EPS		Adjustments		Diluted EPS		Basic EPS		Adjustments		Diluted EPS
Net income	$	1,819	$	—	$	1,819	$	14,975	$	1,715	$	16,690

Weighted average shares outstanding	30,511		—		30,511		29,428		—		29,428

Stock compensation	—		629		629		—		1,158		1,158

Warrants	—		—		—		—		684		684

Convertible notes	—		64		64		—		3,885		3,885

	30,511		693		31,204		29,428		5,727		35,155

EPS	$	0.06			$	0.06	$	0.51			$	0.47

The shares used in the calculation of diluted EPS exclude stock options and stock appreciation rights to purchase shares where the exercise price was greater than the average market price of common shares for the period and the effect of the inclusion would be anti-dilutive. Such shares aggregated approximately 2.2 million and 0.9 million for the three months ended March 31, 2023 and 2022, respectively.