Loss Per Common Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Loss Per Common Share

7. Loss Per Common Share

The Company calculates basic and diluted earnings per common share in accordance with ASC 260, “Earnings Per Share,” using the two-class method because the Company’s unvested restricted stock is a participating security since these awards contain non-forfeitable rights to receive dividends. Under the two-class method, earnings are allocated to each class of common stock and participating security as if all of the earnings for the period had been distributed.

Basic earnings per common share excludes dilution and is calculated by dividing earnings to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing earnings to common shares by the weighted-average number of common shares, as adjusted for the potentially dilutive effect of stock options, RSUs and PSUs. The dilutive effect of stock options, RSUs and PSUs is determined using the treasury stock method.

The following table reconciles loss per common share:

	Three			Three			Six			Six
	Months			Months			Months			Months
	Ended			Ended			Ended			Ended
	June 30,			June 30,			June 30,			June 30,
	2022			2021			2022			2021
Basic Loss per Common Share:
Net loss attributable to common shares — basic	$	(14,639	)	$	(15,422	)	$	(32,420	)	$	(23,644	)
Weighted average common shares outstanding — basic		19,539			16,430			18,448			16,382
Basic loss per common share	$	(0.75	)	$	(0.94	)	$	(1.76	)	$	(1.44	)
Diluted Loss per Common Share:
Net loss attributable to common shares — diluted	$	(14,639	)	$	(15,422	)	$	(32,420	)	$	(23,644	)
Weighted average common shares outstanding — diluted		19,539			16,430			18,448			16,382
Diluted loss per common share	$	(0.75	)	$	(0.94	)	$	(1.76	)	$	(1.44	)

The following table indicates the common stock equivalents related to stock options, RSUs and PSUs that were anti-dilutive and excluded from diluted earnings per common share calculations:

	Three		Three		Six		Six
	Months		Months		Months		Months
	Ended		Ended		Ended		Ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021
Anti-dilutive shares due to:
Exercise prices higher than the average market price		51		100		50		100
Net loss		—		—		—		61