Earnings Per Share

6 Months Ended

Jun. 30, 2023

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 three months ended				For the six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net (loss) income - basic	$	(3,440)	$	7,446	$	(2,890)	$	19,940
Interest on unsecured convertible promissory note	—		200		—		432
Net (loss) income - diluted	$	(3,440)	$	7,646	$	(2,890)	$	20,372

Weighted average shares outstanding - basic	16,845		15,576		16,797		15,531
Diluted shares- Stock Options	—		2,635		—		2,389
Diluted shares- Stock Warrants	—		261		—		244
Unsecured convertible promissory note	—		800		—		800
Weighted average shares outstanding - diluted	16,845		19,272		16,797		18,964

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		For the three months ended
Anti-dilutive securities	June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022
Common stock purchase warrants	1,231	455	1,231	455
Stock Options	3,691	275	3,691	275

Anti-dilutive securities	4,922	730	4,922	730