Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

9. Earnings (Loss) Per Share

We compute basic earnings (loss) per share by dividing net income (loss) available to holders of our common stock by the weighted-average number of shares of our common stock outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue our common stock (common stock equivalents) were exercised or converted into common stock. Basic and diluted earnings per share (or EPS) was calculated in accordance with the treasury stock method, and includes all potentially dilutive stock equivalents, including warrants, restricted stock awards, restricted stock unit awards and performance stock unit awards.

For periods in which a net loss available to holders of our common stock exists, no amounts are allocated to non-vested share awards, as the inclusion of such amounts would be antidilutive.

A reconciliation of the numerators and denominators of our basic and diluted EPS computations are summarized as follows (in thousands).


	Three Months Ended June 30,
	2023		2022
Net income (loss) – basic and diluted numerator	$	238,783	$	(21,929	)
Weighted average shares – basic (denominator):		101,487		100,108
Dilutive effect of stock-based awards		2,749		—
Weighted average shares including conversions – diluted (denominator)		104,236		100,108


	Six Months Ended June 30,
	2023		2022
Net income (loss) – basic and diluted numerator	$	246,012	$	(56,283	)
Weighted average shares – basic (denominator):		101,409		100,092
Dilutive effect of stock-based awards		2,682		—
Weighted average shares including conversions – diluted (denominator)		104,091		100,092

As of June 30, 2023, we had 7.5 million stock warrants outstanding (or Warrants) to purchase shares of our common stock that were exercisable for one share of common stock per warrant at an exercise price of $29.22. The Warrants are exercisable until they expire on April 23, 2026. The presumed exercise of these Warrants into shares of our common stock would have an antidilutive effect as the exercise price per warrant exceeded the average price of our common stock and have been excluded from the computation of EPS for all periods presented.

The computation of EPS for the three-month and six-month periods ended June 30, 2023 excluded non-vested stock-based awards of 431,241 shares and 391,744 shares, respectively, as the inclusion of such would have been antidilutive for the periods.