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Earnings Per Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share
3.Earnings Per Share
Basic earnings per common share is computed by dividing the net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is calculated in the same manner but includes the impact of potentially dilutive securities. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”).
The reconciliations between basic and diluted earnings per share are as follows:
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Six Months Ended
June 30, 2023
Six Months Ended
June 30, 2022
Numerator
Net income available to common stockholders, basic and diluted$391 $1,237 $1,780 $473 
Denominator (in thousands)
Weighted average common shares outstanding, basic133,514 126,814 134,125 123,826 
Effect of potentially dilutive securities
Warrants9,497 22,322 9,529 21,295 
Restricted stock units208 349 306 368 
Performance share units48 47 47 45 
Weighted average common shares outstanding, diluted143,267 149,532 144,007 145,534 
Earnings per common share:
Basic$2.93 $9.75 $13.27 $3.82 
Diluted$2.73 $8.27 $12.36 $3.25 
During the Current Quarter and Current Period, the diluted earnings per share calculation excludes the effect of 789,458 reserved shares of common stock and 1,489,337 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares.
During the Prior Quarter and Prior Period, the diluted earnings per share calculation excludes the effect of 1,191,877 reserved shares of common stock and 2,248,726 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares during the Prior Quarter and Prior Period.