Earnings Per Share

9 Months Ended

Sep. 30, 2023


3.			Earnings Per Share

Basic earnings per common share is computed by dividing net income 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator
Net income, basic and diluted	$	70	$	883	$	1,850	$	1,356

Denominator (in thousands)
Weighted average common shares outstanding, basic	132,153		121,150		133,460		122,924
Effect of potentially dilutive securities
Warrants	9,841		22,794		9,639		21,692
Restricted stock units	306		396		316		368
Performance share units	48		50		48		47
Weighted average common shares outstanding, diluted	142,348		144,390		143,463		145,031

Earnings per common share:
Basic	$	0.53	$	7.29	$	13.86	$	11.03
Diluted	$	0.49	$	6.12	$	12.90	$	9.35

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.