Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per ShareBasic 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 three months ended
	March 31, 2023		March 31, 2022
Net income - basic	$	550	$	12,494
Interest on unsecured convertible promissory note	60		232
Net income - diluted	$	610	$	12,726

Weighted average shares outstanding - basic	16,748		15,486
Diluted shares- Stock Options	22		2,232
Diluted shares- Stock Warrants	1,051		222
Unsecured convertible promissory note	240		800
Weighted average shares outstanding - diluted	18,061		18,740

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 three months ended
Anti-dilutive securities	March 31, 2023	March 31, 2022
Common stock purchase warrants	581	455
Stock Options	870	810

Anti-dilutive securities	1,451	1,265