(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2023

The Company calculates basic (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding, including warrants. The Company calculates diluted (loss) earnings per share by dividing net (loss) earnings 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 three and the six months ended June 30, 2023, given the net loss attributable to the Company common stockholders, potential common shares that would have caused dilution, such as employee stock options, restricted shares and other stock awards, were excluded from the diluted share count because their effect would have been anti-dilutive. For the three and six months ended June 30, 2022, potential common shares related to the Company's stock options were excluded from the diluted share count as the exercise price of the options was greater than the average market price of the common shares and, as such, their effect would have been anti-dilutive.

The Company applies the two-class method to calculate (loss) earnings per share. Because both classes share the same rights in dividends and losses, (loss) earnings per share (basic and diluted) is the same for both classes.

The following tables present the basic and diluted (loss) earnings per share, and the reconciliation of basic to diluted weighted average common shares (in thousands):


	Three Months Ended June 30,
	2023		2022
Basic (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(1,068)	$	8,654



Basic net (loss) income attributable to common shares	$	(1,068)	$	8,654
Denominator:
Basic weighted average shares outstanding	17,843		20,322
Basic undistributed net (loss) income per share attributable to common shares	$	(0.06)	$	0.43

Diluted (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(1,068)	$	8,654



Diluted net (loss) income attributable to common shares	$	(1,068)	$	8,654
Denominator:
Basic weighted average shares outstanding	17,843		20,322

Effect of dilutive options and restricted share units	—		247
Diluted weighted average shares outstanding	17,843		20,569
Diluted undistributed net (loss) income per share attributable to common shares	$	(0.06)	$	0.42


	Six Months Ended June 30,
	2023		2022
Basic (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(22,535)	$	7,749



Basic net (loss) income attributable to common shares	$	(22,535)	$	7,749
Denominator:
Basic weighted average shares outstanding	18,063		20,474
Basic undistributed net (loss) income per share attributable to common shares	$	(1.25)	$	0.38

Diluted (Loss) Earnings Per Share
Numerator:
Undistributed net (loss) income from operations	$	(22,535)	$	7,749



Diluted net (loss) income attributable to common shares	$	(22,535)	$	7,749
Denominator:
Basic weighted average shares outstanding	18,063		20,474

Effect of dilutive options and restricted share units	—		309
Diluted weighted average shares outstanding	18,063		20,783
Diluted undistributed net (loss) income per share attributable to common shares	$	(1.25)	$	0.37