Net loss per common share

9 Months Ended

Sep. 30, 2023

The Company considers its unvested restricted shares, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method, whichever is more dilutive. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.

The following table presents computations of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except share and earnings per share data)	2023		2022		2023		2022
Basic earnings (loss) per common share
Numerator:
Net loss	$	(29,132)	$	(10,317)	$	(53,045)	$	(90,616)
Net loss allocated to common shareholders	(29,132)		(10,317)		(53,045)		(90,616)

Denominator:
Weighted-average common shares issued and outstanding	43,570,438		42,647,967		43,348,412		42,376,392
Basic and diluted loss per common share	$	(0.67)	$	(0.24)	$	(1.22)	$	(2.14)

The following table sets forth the number of weighted-average common shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Stock options and restricted stock awards	2,636,283	2,022,405	3,007,126	2,678,601
Total	2,636,283	2,022,405	3,007,126	2,678,601