Net Income per Common Share

3 Months Ended

Mar. 31, 2023

For the three months ended March 31, 2023 and 2022, Net income is equal to Net income available to common shareholders.

For the three months ended March 31, 2023 and 2022, the Convertible Bond Debt is not considered a participating security and is therefore not included in the computation of Basic net income 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 per share, unless the impact of such potential shares is anti-dilutive.

The following table presents Basic and Diluted net income per share for the three months ended March 31, 2023 and 2022:


	Three Months Ended
(In thousands, except share and per share data)	March 31, 2023		March 31, 2022
Net income	$	3,202	$	53,073

Weighted Average Shares - Basic	13,053,117		12,974,125
Effect of dilutive securities:
Convertible Bond Debt	—		3,150,381
Stock awards and options	95,127		130,392
Dilutive potential common shares	95,127		3,280,773

Weighted Average Shares - Diluted	13,148,244		16,254,898

Basic net income per share	$	0.25	$	4.09
Diluted net income per share	$	0.24	$	3.27

The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net income per share for the three months ended March 31, 2023 and 2022 because to do so would have been anti-dilutive:


	Three Months Ended
	March 31, 2023	March 31, 2022
Convertible Bond Debt	3,234,665	—
Stock awards and options	16,203	17,661

	3,250,868	17,661