Loss per Share

3 Months Ended

Mar. 31, 2023

Loss Per Share [Abstract]

Loss per Share

3. LOSS PER SHARE

Loss per share is computed as follows:

	For the Three Months Ended March 31,
	2023								2022
	Net Loss			Shares		Per Share Amount			Net Loss			Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic loss per share	$	(16,467	)		63,978	$	(0.26	)	$	(8,987	)		75,624	$	(0.12	)
Effect of dilutive incentive-based awards					—								—
Diluted loss per share	$	(16,467	)		63,978	$	(0.26	)	$	(8,987	)		75,624	$	(0.12	)

In accordance with the Earnings Per Share Topic of the Accounting Standards Codification (“ASC"), basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic loss per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.

Diluted loss per share is determined using the treasury stock method based on the dilutive effect of certain unvested restricted stock awards and certain shares of common stock that are issuable upon exercise of stock options. There were approximately 1,225,000 and 1,555,000 potentially dilutive shares excluded from the computation of diluted loss per share during the three months ended March 31, 2023 and 2022, respectively, as their effect would have been anti-dilutive due to the Company’s net loss in those periods. Approximately 610,000 and 1,057,000 of the Company’s outstanding performance-vesting restricted stock awards as of March 31, 2023 and 2022, respectively, are considered contingently issuable shares and are excluded from the calculation of diluted loss per share until the performance measure criteria is met as of the end of the reporting period.