Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of the Company’s common shares outstanding and excludes any unvested restricted share units issued pursuant to the 2023 LTIP.

Diluted earnings (loss) per share is computed by adjusting basic earnings per share for the dilutive effect of the assumed vesting of restricted share units. During periods of net loss, the assumed vesting of restricted share units is anti-dilutive and is not included in the calculation of earnings (loss) per share.

The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):


		Three Months Ended September 30,		Nine Months Ended September 30,
		2023		2023
Numerator for loss per share:
Net income (loss) attributable to common shareholders		$	(69,113)	$	(104,811)

Denominator for loss per share:
Weighted average common shares outstanding		37,187		37,177
Denominator for basic and diluted loss per share		37,187		37,177
Weighted average unvested restricted share units		603		398
Denominator for diluted loss per share	(1)	37,187		37,177

Loss per weighted average common share:
Basic		$	(1.86)	$	(2.82)
Diluted		$	(1.86)	$	(2.82)

(1) For the three and nine months ended September 30, 2023, excludes approximately 397,900 and 603,482 shares, related to assumed vesting of RSUs as the effect would be anti-dilutive.