Loss Per Common Share

6 Months Ended

Jun. 30, 2023

Loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net loss available to common stockholders is net loss adjusted for preferred stock dividends declared. Diluted loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding, increased by the shares used in the per share calculation by the dilutive effects of restricted stock and option awards. The table below reflects the calculation of loss per common share and the weighted average number of common shares outstanding, on an as if converted basis, used in computing basic and diluted loss per common share (in thousands, expect per share amounts).


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Loss per common share
Net loss	$	(51,232)	$	(110,029)	$	(56,972)	$	(104,696)
Preferred Stock Dividend	1,487		—		2,944		—
Net loss available to common shareholders	$	(52,719)	$	(110,029)	$	(59,916)	$	(104,696)
Basic weighted average shares outstanding	17,932		18,865		18,457		18,835
Loss per common share	$	(2.94)	$	(5.83)	$	(3.25)	$	(5.56)

Diluted loss per common share
Net loss available to common shareholders	$	(52,719)	$	(110,029)	$	(59,916)	$	(104,696)
Basic weighted average shares outstanding	17,932		18,865		18,457		18,835
Effect of dilutive restricted stock and options	59		42		74		58
Diluted weighted average shares outstanding	17,991		18,907		18,531		18,893
Diluted loss per common share	$	(2.93)	$	(5.82)	$	(3.23)	$	(5.54)

The table below reflects a summary of securities that could potentially dilute basic loss per common share in future periods that were not included in the computation of diluted loss per share because the effect would have been antidilutive (in thousands).


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
	(Unaudited)		(Unaudited)
Antidilutive securities:
Stock options	163	102	163	102
Restricted shares	966	684	966	621
Total antidilutive securities	1,129	786	1,129	723