Earnings per Common Share

12 Months Ended

Dec. 31, 2022

Earnings per Common Share

Earnings per Common Share

21. Earnings Per Common Share

The Company computes basic net income (loss) per share using the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities may consist of warrants, restricted stock units or other contingently issuable shares and convertible debt. The dilutive effect of outstanding warrants, restricted stock units is reflected in diluted earnings per share by application of the treasury stock method whereas the Convertible Debt uses the if-converted method. The weighted average share impact of warrants, restricted stock units and convertible debt that were excluded from the calculation of diluted shares due to the Company incurring a net loss for the twelve months ending December 31, 2020 were 215,000 shares.

The following table provides the basis for basic and diluted EPS by reconciling the numerators and denominators of the computations:

	Year Ended	Year Ended	Year Ended
	December 31,	December 31,	December 31,
	2022	2021	2020
(In Thousands)
Net income (loss) attributable to common shares	$ 1,330,914	$ 337,573	($ 344,615)
Adjustment of interest expense attributable to convertible notes	4,726	-	-
Adjustment for inducement payments	4,914	-	-
Diluted net income (loss) attributable to common shareholders	$ 1,340,554	$ 337,573	($ 344,615)
Weighted average shares outstanding:
Basic weighted average shares outstanding	17,136	15,318	15,153
Effect of dilutive securities	1,730	654	—
Convertible Notes	2,119	1,607	—
Diluted weighted average shares outstanding	20,985	17,579	15,153