BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

Basic and Diluted Income (Loss) Per Common Share

BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE

The following is a reconciliation of weighted average common shares outstanding:


	Years Ended December 31,
	2023	2022	2021
Issued shares at beginning of period	157,682,531	156,262,199	134,311,033
Effect of stock options exercised	105,819	155,509	474,072
Effect of shares issued for settlement of vesting of restricted stock units	290,390	335,546	443,364
Effect of shares issued for settlement of exercises of stock appreciation rights	120,291	2,679	2,316
Effect of shares issued for exercise of share purchase warrants	—	—	1,737,981
Effect of shares issued for consulting services	42,202	16,064	35,933



Effect of shares issued in public offerings	865,806	571,253	9,899,825
Weighted average common shares outstanding	159,107,039	157,343,250	146,904,524

Basic and diluted income (loss) per common share

The calculation of basic and diluted income (loss) per share after adjustment for the effects of all potential dilutive common shares, calculated as follows:


	Years Ended December 31,
	2023		2022		2021
Net income (loss) attributable to owners of the Company	$	99,862	$	(59,849)	$	1,541

Basic weighted average common shares outstanding	159,107,039		157,343,250		146,904,524
Dilutive impact of stock options, restricted stock units, and warrants	1,047,001		—		2,816,593
Diluted weighted average common shares outstanding	160,154,040		157,343,250		149,721,117
Basic net income (loss) per common share	$	0.63	$	(0.38)	$	0.01
Diluted net income (loss) per common share	$	0.62	$	(0.38)	$	0.01

For the years ended December 31, 2023, 2022 and 2021, 0.11 million, 0.06 million and 6.87 million stock options, restricted stock units, and warrants, respectively, and the potential conversion of the Convertible Debentures have been excluded from the calculation of diluted net income (loss) per common share as their effect would have been anti-dilutive. In addition, the Company excluded stock appreciation rights of 1.85 million, 2.45 million, and 1.67 million for the years ended December 31, 2023, 2022, and 2021, respectively as they are contingently issuable based on specified market prices of the Company’s stock which were not achieved as of the end of each period.