Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Basic earnings (loss) per share (“basic EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share for the three and six months ended June 30, 2023 (“diluted EPS”) gives effect to all dilutive potential shares. As the Company was in a net loss position for the three and six months ended June 30, 2022, there were no dilutive potential shares included in the computation of diluted shares outstanding.

The following tables set forth the computation of basic and diluted earnings (loss) per share, as applicable, for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Basic EPS		Adjustments		Diluted EPS		Basic EPS		Adjustments		Diluted EPS
Net income (loss)	$	13,732	$	—	$	13,732	$	(168,291)	$	—	$	(168,291)

Weighted average shares outstanding	30,662		—		30,662		29,775		—		29,775

Stock compensation	—		874		874		—		—		—

Warrants	—		45		45		—		—		—

Convertible notes	—		214		214		—		—		—

	30,662		1,133		31,795		29,775		—		29,775

EPS	$	0.45			$	0.43	$	(5.65)			$	(5.65)


	Six Months Ended June 30, 2023					Six Months Ended June 30, 2022
	Basic EPS		Adjustments	Diluted EPS		Basic EPS		Adjustments	Diluted EPS
Net income (loss)	$	15,551	—	$	15,551	$	(153,316)	—	$	(153,316)

Weighted average shares outstanding	30,587		—	30,587		29,601		—	29,601

Stock compensation	—		751	751		—		—	—

Warrants	—		22	22		—		—	—

Convertible notes	—		139	139		—		—	—

	30,587		912	31,499		29,601		—	29,601

EPS	$	0.51		$	0.49	$	(5.18)		$	(5.18)

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 1.8 million and 1.7 million for the three and six months ended June 30, 2023, respectively. As the Company was in a net loss position for the three and six months ended June 30, 2022, there were no anti-dilutive shares.