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Earnings per share (Tables)
6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Schedule of basic and diluted EPS
The calculations of basic and diluted EPS are as follows for the periods indicated:
Three Months EndedSix Months Ended
June 30,June 30,
($ in thousands, except per share data)2022202120222021
Numerator:
  Net income (loss)$16,969 $4,699 (10,102)(15,735)
  Less: Convertible Preferred Stock dividends— (676)— (1,332)
  Less: Net income allocated to participating securities
(32)(788)— — 
    Net income (loss) available to common stockholders16,937 3,235 (10,102)(17,067)
Denominator:
  Weighted average common shares outstanding - basic48,419,272 24,471,286 48,275,103 23,768,413 
   Series B Preferred Stock - Warrants (2)
92,359 6,649,026 — — 
   Merger Warrants (1)
— 696,434 — — 
Pre-Funded Warrants (3)
4,327,353 — — — 
   Options (4)
— 61,740 — — 
   RSUs (5)
1,550,112 1,560,817 — — 
  Weighted average common shares outstanding - diluted54,389,096 33,439,303 48,275,103 23,768,413 
Anti-dilutive:
  Convertible Series A Preferred Stock — 2,090,443 — 1,859,350 
Merger Warrants (1)
— — — 696,434 
  Series B Preferred Stock - Warrants (2)
— — 92,359 6,131,520 
  Pre-Funded Warrants (3)
— — 4,327,353 — 
  Options (4)
— — — 112,355 
  RSUs (5)
— — 1,647,070 1,759,431 
Basic EPS0.35 0.13 (0.21)(0.72)
Diluted EPS (6)
0.31 0.12 (0.21)(0.72)

(1)    As of June 30, 2022, there were Merger Warrants to purchase 2,654,349 shares of common stock at $11.50 per share.
For the three and six months ended June 30, 2022, the warrants were not dilutive as the warrants’ exercise price was
greater than the average market price of the common stock during the periods. For the three and six months ended
June 30, 2021, the average market price of the common stock was greater than the warrants' exercise price during the
periods. These warrants were calculated using the treasury stock method and were dilutive for the three months ended
June 30, 2021 and considered anti-dilutive for the six months ended June 30, 2021.

(2)     As of June 30, 2022, there remained 92,359 Series B Preferred Stock - Warrants that were dilutive for the three months ended June 30, 2022 and considered anti-dilutive for the six months ended June 30, 2022. The warrants are considered participating securities because the holders are entitled to participate in any distributions similar to that of common shareholders.

(3)    As of June 30, 2022, there were 4,327,353 Pre-Funded Warrants that are considered participating because the holder is entitled to participate in any distributions similar to that of common shareholders.
    
(4)    As of June 30, 2022, there were 480,124 vested options not considered as dilutive as their exercise price was greater than the average market price of the common stock during the period. These options were calculated using the treasury stock method and were dilutive for the three months ended June 30, 2021 and considered anti-dilutive for the six months ended June 30, 2021.
(5)    As of June 30, 2022 and 2021, there were 401,636 and 132,108 unvested PSUs, respectively. These awards were not considered dilutive as the respective performance targets had not been achieved.

(6)    For purposes of calculating diluted earnings per share for the three months ended June 30, 2021, the numerator was net income less preferred dividends.
Accelerated Share Repurchases [Table Text Block]
The following information is related to purchases made for the six months ended June 30, 2022:

Issuer Purchases of Equity Securities
PeriodTotal Number of Warrants PurchasedAverage Price Paid per WarrantApproximate
Dollar Value of Warrants that May Yet Be Purchased Under the Plans or Programs
(in thousands)
January1,009,802 $1.48 $11,457 
February505,597 1.79 10,536 
March177,230 2.06 10,167 
April384,817 2.03 9,373 
May268,506 1.84 8,871 
June— — 8,871 
Total2,345,952 $1.72 
As of June 30, 2022, the Company has repurchased 11,616,483 warrants. The Merger Agreement, see Note 13. Subsequent Events, prevents future repurchases of warrants.