Earnings per share

9 Months Ended

Sep. 30, 2022

Basic and diluted earnings or loss per share (“EPS”) are as follows ($ in thousands, except share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator
Net (loss) income	$	(2,229)	$	(12,371)	$	71,043	$	(89,884)
Denominator
Denominator for basic EPS - weighted-average number of shares outstanding	165,979,839		164,218,262		165,873,539		163,067,561
Effect of dilutive securities
Unvested performance share awards	—		—		500,859		—
Unvested restricted share awards	—		—		749,844		—
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding	165,979,839		164,218,262		167,124,242		163,067,561

EPS - Basic	$	(0.01)	$	(0.08)	$	0.43	$	(0.55)
EPS - Diluted	$	(0.01)	$	(0.08)	$	0.43	$	(0.55)

For the three and nine months ended September 30, 2022, unvested performance share awards in the amounts of 1,329,123 and 187,500 shares, respectively, were not included in the computation of diluted EPS as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2021, unvested performance share awards of 1,027,519 were not included in the computation of diluted EPS as their effect would have been anti-dilutive. The performance targets of our unvested performance share awards were partially achieved as of September 30, 2022 and 2021.

For the three months ended September 30, 2022, unvested restricted share awards of 2,327,120 were not included in the computation of diluted EPS as their effect would have been anti-dilutive. We had no anti-dilutive unvested restricted share awards for the nine months ended September 30, 2022. For the three and nine months ended September 30, 2021, unvested restricted share awards of 3,225,332 were not included in the computation of diluted EPS as their effect would have been anti-dilutive.