Earnings Per Share

12 Months Ended

Dec. 31, 2022

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the years ended December 31, 2022, 2021, and 2020:


	Year Ended
	December 31,
(in thousands, except share data)		2022		2021		2020
Numerator:
Net (loss) income attributable to common stockholders - basic		$	(55,327)	$	67,560	$	(40,539)
Interest expense attributable to convertible senior notes		—		—		—
Net (loss) income attributable to common stockholders - diluted		$	(55,327)	$	67,560	$	(40,539)
Denominator:
Weighted average common shares outstanding		52,904,606		54,282,018		54,580,046
Weighted average restricted stock shares		107,200		311,481		576,436
Basic weighted average shares outstanding		53,011,806		54,593,499		55,156,482
Effect of dilutive shares issued in an assumed conversion of the convertible senior notes		—		—		—
Effect of dilutive shares issued in an assumed conversion of RSUs as additional shares		—		335,571		—
Effect of dilutive shares issued in an assumed conversion of PSUs as additional shares		—		—		—
Effect of dilutive shares issued in an assumed exercise of warrants issued in conjunction with the senior secured term loan facilities		—		—		—
Diluted weighted average shares outstanding		53,011,806		54,929,070		55,156,482
(Loss) earnings per share
Basic		$	(1.04)	$	1.24	$	(0.73)
Diluted		$	(1.04)	$	1.23	$	(0.73)

For the years ended December 31, 2022, 2021, and 2020, excluded from the calculation of diluted earnings per share is the effect of adding back $17.5 million, $18.2 million and $18.1 million, respectively, of interest expense and 13,431,152, 14,065,946, and 13,717,782, respectively, of weighted average common share equivalents related to the assumed conversion of the Company’s convertible senior notes, as their inclusion would be antidilutive.

The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of RSUs. The number of incremental shares is calculated by applying the treasury stock method. For the year ended December 31, 2021, an additional 335,571 weighted-average unvested RSUs were included in the dilutive earnings per share denominator. For the years ended December 31, 2022, and 2020, no additional weighted-average unvested RSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive.

The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of PSUs. The number of incremental shares is calculated by applying the treasury stock method. For the years ended December 31, 2022, 2021, and 2020, no additional weighted-average unvested PSUs were included in the dilutive earnings per share denominator, as their inclusion would be antidilutive.

In conjunction with entering into the senior secured term loan credit agreement and the warrants described in Note 7 - Senior Secured Term Loan Facilities and Warrants to Purchase Shares of Common Stock, the Company elected the accreted redemption value method whereby the discount created based on the fair value of the warrants relative to the fair value of the senior secured term loan facilities and the related issuance costs will be accreted over five years using the effective interest method. Such adjustments are included in amortization of deferred debt issuance costs on the Company’s consolidated statements of cash flows. For the years ended December 31, 2022, and 2021, these adjustments totaled $0.3 million and $1.1 million, respectively. Additionally, the computation of diluted earnings per share is based on the incremental shares that would be outstanding assuming the exercise of warrants issued in conjunction with entering into the senior secured term loan credit agreement, to the extent such warrants remained outstanding as of December 31, 2021 (after giving effect to the settlement of a portion of such warrants on such date). For the years ended December 31, 2021 and 2020, no additional shares attributable to the warrants were included in the computation of diluted earnings per share, as their inclusion would be antidilutive. The Company did not have any warrants outstanding as of December 31, 2022.