Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings (Loss) Per Share The Company calculates basic earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding, including warrants. The Company calculates diluted earnings (loss) per share by dividing net income (loss) by the weighted average number of common shares outstanding plus the dilutive effect of all outstanding share-based awards, including stock options and restricted stock awards. Warrants generally are included in basic and diluted shares outstanding because there is little or no consideration paid upon exercise of the Warrants. For the twelve months ended December 31, 2020, due to the net loss attributable to the Company common stockholders, potential common shares that would cause dilution, such as employee stock options, restricted shares and other stock awards, have been excluded from the diluted share count because their effect would have been anti-dilutive. The Company applies the two-class method to calculate earnings (loss) per share. Because both classes share the same rights in dividends and earnings, earnings (loss) per share (basic and diluted) are the same for both classes.

The following table presents the reconciliation of basic to diluted weighted average common shares (dollars in thousands, except per share data):


	Year Ended December 31, 2021		Year Ended December 31, 2020
Basic Earnings (Loss) Per Share
Numerator:
Undistributed net income (loss) from operations	$	17,278	$	(59,719)
Basic net income (loss) attributable to common shares	$	17,278	$	(59,719)
Denominator:
Basic weighted average shares outstanding	20,483		20,317
Basic undistributed net income (loss) per share attributable to common shares	$	0.84	$	(2.94)

Diluted Earnings (Loss) Per Share
Numerator:
Undistributed net income (loss) from operations	$	17,278	$	(59,719)
Diluted net income (loss) attributable to common shares	$	17,278	$	(59,719)
Denominator:
Basic weighted average shares outstanding	20,483		20,317
Effect of dilutive options and restricted stock units	450		—
Diluted weighted average shares outstanding	20,933		20,317
Diluted undistributed net income (loss) per share attributable to common shares	$	0.83	$	(2.94)