Net Income per Common Share

9 Months Ended

Sep. 30, 2023

For the three and nine months ended September 30, 2023 and 2022, Net (loss)/income is equal to Net (loss)/income available to common shareholders.

For the three and nine months ended September 30, 2023 and 2022, the Convertible Bond Debt is not considered a participating security and is therefore not included in the computation of Basic net (loss)/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 (loss)/income per share, unless the impact of such potential shares is anti-dilutive.

The following table presents Basic and Diluted net (loss)/income per share for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended				Nine Months Ended
(In thousands, except share and per share data)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net (loss)/income	$	(5,151)	$	77,217	$	16,077	$	224,743

Weighted Average Shares - Basic	9,313,051		12,993,450		11,686,433		12,985,329
Effect of dilutive securities:
Convertible Bond Debt	—		3,092,230		3,284,392		3,092,230
Stock awards and options	—		116,172		86,827		141,705
Dilutive potential common shares	—		3,208,402		3,371,219		3,233,935

Weighted Average Shares - Diluted	9,313,051		16,201,852		15,057,652		16,219,264

Basic net (loss)/income per share	$	(0.55)	$	5.94	$	1.38	$	17.31
Diluted net (loss)/income per share	$	(0.55)	$	4.77	$	1.36	$	13.86

The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net (loss)/income per share for the three and nine months ended September 30, 2023 and 2022 because to do so would have been anti-dilutive:


	Three Months Ended		Nine Months Ended
	September 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
Convertible Bond Debt	3,284,392	—	—	—
Stock awards and options	214,896	25,309	—	16,478