Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock — Our authorized capital stock consists of 60,000,000 shares of common stock with a par value of $0.01 per share, of which, 32,157,210 and 32,034,592 shares were issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

Preferred Stock — Our authorized capital stock also consists of 5,000,000 shares of preferred stock with a par value of $0.01 per share, with no preferred shares outstanding as of March 31, 2022 and December 31, 2021.

Earnings (Loss) Per Share - Basic earnings (loss) per share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share presented is determined by dividing net income by the weighted average number of common shares and potential common shares outstanding during the period as determined by the treasury stock method. Potential common shares are included in the diluted earnings per share calculation when dilutive.

Diluted earnings per share for the three months ended March 31, 2022 and 2021 includes the effect of potential common shares issuable when dilutive, and is as follows:

	Three Months Ended March 31,
	2022		2021
Net income	$	3,982	$	8,490
Weighted average number of common shares outstanding (in '000s)	32,065		31,264
Dilutive effect of restricted stock grants after application of the Treasury Stock Method (in '000s)	620		1,043
Dilutive shares outstanding	32,685		32,307
Basic earnings (loss) per share	$	0.12	$	0.27
Diluted earnings (loss) per share	$	0.12	$	0.26

There were no outstanding restricted shares awarded that were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2022 and 2021.