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Net income per Common Share
6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Net income/(loss) per Common Share 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 and six months ended June 30, 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 and six months ended June 30, 2022 and 2021. 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 and six months ended June 30, 2022 as their effect was dilutive. Diluted net income per share for the three and six months ended June 30, 2022 excluded 17,661 Restricted Stock Units (“RSUs”) related to EPS performance (defined below) as their effect was anti-dilutive. Diluted net income per share for the three months ended June 30, 2021 does not include 21,718 warrants and the potential shares to be issued upon conversion of Convertible Bond Debt as their effect was anti-dilutive. Diluted net income per share for six months ended June 30, 2021 does not include 45,854 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 EndedSix Months Ended
(In thousands, except share and per share data)
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Net income$94,453 $9,225 $147,527 $19,074 
Weighted Average Shares - Basic12,988,200 12,168,180 12,981,202 11,950,048 
Dilutive effect of stock options, shares issuable under Convertible Bond Debt, restricted stock awards and restricted stock units3,388,317 228,976 3,392,256 131,724 
Weighted Average Shares - Diluted16,376,517 12,397,156 16,373,458 12,081,772 
Basic net income per share$7.27 $0.76 $11.36 $1.60 
Diluted net income per share$5.77 $0.74 $9.01 $1.58