Net Income/(Loss) per Common Share

12 Months Ended

Dec. 31, 2022

For each of the years ended December 31, 2022, 2021 and 2020, Net income/(loss) is equal to Net income/(loss) available to common shareholders.

For each of the years ended December 31, 2022, 2021 and 2020, the Convertible Bond Debt is not considered a participating security and is therefore not included in the computation of Basic net income/(loss) per share. Additionally, the Company determined that as it relates to the Convertible Bond Debt, it does not overcome the presumption of share settlement, 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 net income/(loss) per share, unless the impact of such potential shares is anti-dilutive.

The following table presents Basic and Diluted net income/(loss) per share for the years ended December 31, 2022, 2021 and 2020:


	For the Years Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Net income/(loss)	$	248,009	$	184,898	$	(35,063)

Weighted Average Shares - Basic	12,989,951		12,399,509		10,310,246
Effect of dilutive securities:
Convertible Bond Debt	3,195,901		3,052,352		—
Stock awards and options	127,595		232,531		—
Dilutive potential common shares	3,323,496		3,284,883		—

Weighted Average Shares - Diluted	16,313,447		15,684,392		10,310,246

Basic net income/(loss) per share	$	19.09	$	14.91	$	(3.40)
Diluted net income/(loss) per share	$	15.57	$	11.79	$	(3.40)

The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net income/(loss) per share for the years ended December 31, 2022, 2021 and 2020 because to do so would have been anti-dilutive:


	For the Years Ended
	December 31, 2022	December 31, 2021	December 31, 2020
Convertible Bond Debt	—	—	2,906,035
Stock awards and options	21,716	—	543,604
Warrants	—	—	21,718
	21,716	—	3,471,357