Net income per Common Share

3 Months Ended

Mar. 31, 2022

Net income per Common Share

The computation of basic net income per share is based on the weighted average number of common stock outstanding for the three months ended March 31, 2022 and 2021. Diluted net income per share gives effect to restricted stock awards, restricted stock units and stock options using the treasury stock method, unless the impact is anti-dilutive. Additionally, the Convertible Bond Debt is not considered a participating security and therefore not included in the computation of the Basic net income per share for the three months ended March 31, 2022. The Company determined that it does not overcome the presumption of share settlement of outstanding debt and therefore the Company applied the if-converted method and included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted income per share for the three months ended March 31, 2022 as their effect was dilutive. Diluted net income per share for the three months ended March 31, 2021 does not include 325,591 stock options, 21,718 warrants, and the potential shares to be issued upon conversion of Convertible Bond Debt as their effect was anti-dilutive.

The following table summarizes the calculation of basic and diluted income per share:


	Three Months Ended
(In thousands, except share and per share data)	March 31, 2022		March 31, 2021
Net income	$	53,073	$	9,849
Weighted Average Shares - Basic	12,974,125		11,729,492
Dilutive effect of stock options, shares issuable under Convertible Bond Debt, restricted stock awards and restricted stock units	3,280,773		15,076
Weighted Average Shares - Diluted	16,254,898		11,744,568
Basic net income per share	$	4.09	$	0.84
Diluted net income per share	$	3.27	$	0.84