Earnings Per Share

9 Months Ended

Sep. 30, 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				For the nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net (loss) income - basic	$	(5,141)	$	968	$	(8,031)	$	20,907
Interest on unsecured convertible promissory note	—		201		—		635
Net (loss) income - diluted	$	(5,141)	$	1,169	$	(8,031)	$	21,542

Weighted average shares outstanding - basic	17,175		15,898		16,924		15,712
Diluted shares- Stock Options	—		2,453		—		1,925
Diluted shares- Stock Warrants	—		1,097		—		1,067
Unsecured convertible promissory note	—		800		—		800
Weighted average shares outstanding - diluted	17,175		20,248		16,924		19,504

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 nine months ended
Anti-dilutive securities	September 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
Common stock purchase warrants	831	455	831	455
Stock Options	3,289	370	3,289	610

Anti-dilutive securities	4,120	825	4,120	1,065