Earnings per Common Share

12 Months Ended

Dec. 31, 2023

Earnings per Common Share

Earnings per Common Share

18. Earnings Per Common Share

The Company computes basic net income per share using the weighted average number of common shares outstanding during the period. Diluted net income 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 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,
	2023	2022	2021
(In Thousands)
Net income attributable to common shares	$ 464,038	$ 1,330,914	$ 337,573
Adjustment of interest expense attributable to convertible notes	108	4,726	-
Adjustment for inducement payments	-	4,914	-
Diluted net income attributable to common shareholders	$ 464,146	$ 1,340,554	$ 337,573
Weighted average shares outstanding:
Basic weighted average shares outstanding	18,233	17,136	15,318
Effect of dilutive securities	866	1,730	654
Convertible Notes	84	2,119	1,607
Diluted weighted average shares outstanding	19,183	20,985	17,579