Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2023

NET INCOME (LOSS) PER COMMON SHAREPlease refer to Note 1 for information regarding the Company’s treatment of its preferred stock and stock awards in the calculation of its basic and diluted net income or loss per common share and to Note 7 for information

regarding the Company’s stock award activity for the periods presented. The following table presents the computations of basic and diluted net income or loss per common share for the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Weighted average number of common shares outstanding - basic	54,556,853		45,347,852		54,175,367		40,452,740
Incremental common shares-unvested RSUs	—		—		—		86,666
Incremental common shares-unvested PSUs	—		—		—		201,284
Weighted average number of common shares outstanding - diluted	54,556,853		45,347,852		54,175,367		40,740,690

Net (loss) income to common shareholders	$	(44,974)	$	(48,597)	$	(36,205)	$	94,102
Net (loss) income per common share-basic	$	(0.82)	$	(1.07)	$	(0.67)	$	2.33
Net (loss) income per common share-diluted	$	(0.82)	$	(1.07)	$	(0.67)	$	2.31

The calculation of diluted net loss per common share for the three and nine months ended September 30, 2023 and the three months ended September 30, 2022 excludes unvested RSUs and PSUs of 441,587, 372,579, and 287,950, respectively, which would have been anti-dilutive for those periods.