Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

9. (Loss) Earnings Per Share

We compute basic earnings (loss) per share by dividing net (loss) income 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.

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


	Three Months Ended September 30,
	2023			2022
Net (loss) income – basic and diluted numerator	$	(145,016	)	$	5,510
Weighted average shares – basic (denominator):		102,215			100,875
Dilutive effect of stock-based awards		—			1,398
Weighted average shares including conversions – diluted (denominator)		102,215			102,273


	Nine Months Ended September 30,
	2023		2022
Net income (loss) – basic and diluted numerator	$	100,996	$	(50,773	)
Weighted average shares – basic (denominator):		101,681		100,356
Dilutive effect of stock-based awards		2,575		—
Weighted average shares including conversions – diluted (denominator)		104,256		100,356

No amounts are allocated to non-vested share awards for the periods with a net loss position, as the inclusion of such amounts would have been antidilutive to earnings per share.

The computation of EPS for the nine-month period ended September 30, 2023 and the three-month period ended September 30, 2022 excluded non-vested stock-based awards of 166 shares and 103,939 shares, respectively, as the inclusion of such would have been antidilutive for the periods.

As of September 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 they have been excluded from the computation of EPS for all periods presented.