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(Loss) Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

The following table sets forth the computation of basic and diluted (loss) income per common share (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
Basic (loss) income per common share	2022		2021		2022		2021
Net (loss) income	$	(13,713)	$	10,582	$	(21,361)	$	5,266
Net loss (income) allocated to participating securities	70		(63)		109		(34)
Net (loss) income allocated to common shareholders	$	(13,643)	$	10,519	$	(21,252)	$	5,232

Basic weighted-average common shares outstanding	40,115		39,086		39,999		38,924
Basic (loss) income per common share	$	(0.34)	$	0.27	$	(0.53)	$	0.13


	Three Months Ended September 30,				Nine Months Ended September 30,
Diluted (loss) income per common share	2022		2021		2022		2021
Net (loss) income	$	(13,713)	$	10,582	$	(21,361)	$	5,266
Net loss (income) allocated to participating securities	70		(55)		109		(34)
Net loss attributable to convertible senior notes	—		919		—		—
Net (loss) income allocated to common shareholders	$	(13,643)	$	11,446	$	(21,252)	$	5,232

Basic weighted-average common shares outstanding	40,115		39,086		39,999		38,924
Effect of dilutive stock options and awards	—		505		—		572
Effect of convertible senior notes	—		4,862		—		—
Diluted weighted-average common shares outstanding	40,115		44,453		39,999		39,496
Diluted (loss) income per common share	$	(0.34)	$	0.26	$	(0.53)	$	0.13

We excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to loss per common share. For the three and nine months ended September 30, 2022 all stock options and awards were excluded from the calculation of diluted weighted-average common shares outstanding as these would be antidilutive due to the net loss. For the three and nine months ended September 30, 2021 539,000 and 517,000 of potential common shares relating to stock options, respectively, were antidilutive and excluded from the calculation of diluted weighted-average common shares outstanding. We excluded 4,860,685 of potential common shares related to our Convertible Senior Notes calculated under the if-converted method, as these shares would be antidilutive for the nine months ended September 30, 2021.