Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported in the unaudited condensed consolidated balance sheets that totals to the amounts shown in the unaudited condensed consolidated statements of cash flows at the dates indicated (in thousands):


	March 31,		December 31,
	2023		2022

Cash and cash equivalents	$	42,135	$	20,532
Restricted cash:
Collateral for outstanding letters of credit (1)	357		892
Captive insurance subsidiary (2)	8,490		9,643
Total cash, cash equivalents and restricted cash shown in the
unaudited condensed consolidated statements of cash flows	$	50,982	$	31,067

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(1)Represents amounts that are held in a segregated bank account by Wells Fargo Bank as collateral for an outstanding letter of credit.

(2)$1.5 million of the restricted cash balance relates to the initial capitalization of our captive insurance company formed in late 2020, and the remainder represents amounts paid to our captive insurance company for insurance premiums.

Schedule of Common Stock Outstanding

The following table reconciles our outstanding common stock for the periods indicated:


						Common
						shares

Balance, January 1, 2023						2,495,484
Vesting of restricted stock unit awards (see Note 13)						20,291
Vesting of performance share unit awards (see Note 13)						12,319
Shares withheld to cover taxes upon vesting of equity awards						(8,089)
Shares sold under at-the-market offering program						14,680
Balance, March 31, 2023						2,534,685

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted (losses) earnings per share was as follows for the periods indicated (in thousands, except per share data):


	Three Months Ended
	March 31,
	2023		2022
(Losses) Earnings per share — numerator:
Net (losses) earnings	$	(1,999)	$	6,090

Denominator:
Basic weighted average number of shares outstanding	2,517		4,359

Basic (losses) earnings per share	$	(0.79)	$	1.40

Diluted (losses) earnings per share:
Diluted weighted average number of shares outstanding:
Common shares	2,517		4,359
Restricted stock unit awards (1)	—		24
Performance share unit awards (1) (2)	—		11
Total diluted shares	2,517		4,394

Diluted (losses) earnings per share	$	(0.79)	$	1.39

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(1)For the three months ended March 31, 2023, the effect of the restricted stock unit awards and the performance share unit awards on losses per share was anti-dilutive.

(2)The dilutive effect of performance share awards are included in the calculation of diluted earnings per share when the performance share award performance conditions have been achieved.