Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or otherwise result in the issuance of common stock that shared in the earnings of the entity. Diluted EPS also utilizes the treasury stock method which prescribes a theoretical buy back of shares from the theoretical proceeds of all options outstanding during the period, and the if-converted method for convertible debt.

The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share (in thousands):


	For the years ended
	December 31, 2022		December 31, 2021
Net income - basic	$	18,464	$	6,273
Interest on unsecured convertible promissory note	632		1,000
Net income - diluted	$	19,096	$	7,273
Weighted average shares outstanding - basic	15,845		15,172
Diluted shares- Stock Options	1,493		2,001
Diluted shares- Stock Warrants	1,073		220
Unsecured convertible promissory note	240		1,000
Weighted average shares outstanding - diluted	$	18,651	$	18,393

The following table represents the number of securities excluded from the income per share computation as a result of their anti-dilutive effect (in thousands):


	For the years ended
Anti-dilutive securities	December 31, 2022	December 31, 2021
Common stock purchase warrants	455	455
Stock Options	770	828
Unsecured convertible promissory note	—	—
Anti-dilutive securities	1,225	1,283