Earnings Per Share

12 Months Ended

Dec. 31, 2023


5.			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 utilizing the treasury stock method. Potentially dilutive securities during the Successor Periods consist of issuable shares related to warrants, unvested restricted stock units, and unvested performance share units and during the Predecessor Period consisted of unvested restricted stock units, contingently issuable shares related to preferred stock and convertible senior notes unless their effect was antidilutive.

The reconciliations between basic and diluted earnings per share are as follows:


	Successor						Predecessor
	Year Ended December 31, 2023		Year Ended December 31, 2022		Period from February 10, 2021 through December 31, 2021		Period from January 1, 2021 through February 9, 2021
Numerator
Net income available to common stockholders, basic and diluted	$	2,419	$	4,869	$	945	$	5,383

Denominator (in thousands)
Weighted average common shares outstanding, basic	132,840		125,785		101,754		9,781
Effect of potentially dilutive securities
Preferred stock	—		—		—		290
Warrants	9,750		19,734		14,376		—
Restricted stock units	338		395		200		—
Performance share units	48		47		11		—
Weighted average common shares outstanding, diluted	142,976		145,961		116,341		10,071

Earnings per common share:
Basic	$	18.21	$	38.71	$	9.29	$	550.35
Diluted	$	16.92	$	33.36	$	8.12	$	534.51

Successor

During the 2023, 2022 and 2021 Successor Periods, the diluted earnings per share calculation excludes the effect of 777,369, 789,458 and 1,228,828 reserved shares of common stock and 1,466,502, 1,489,337 and 2,318,446 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 2023, 2022 and 2021 Successor Periods, respectively.

Predecessor

We had the option to settle conversions of the 5.50% convertible senior notes due 2026 with cash, shares or common stock or any combination thereof. As the price of our common stock was below the conversion threshold level for any time during the conversion period, there was no impact to diluted earnings per share.