Net Income Per Share:

9 Months Ended

Sep. 30, 2022

Net Income Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period plus dilutive securities. Dilutive securities include outstanding common stock options and unvested restricted stock units, less the number of shares that could have been purchased with the proceeds from the exercise of the options, using the treasury stock method. Options and restricted stock units that are anti-dilutive are not included in the treasury stock method calculation. Due to the net loss for the three and nine months ended September 30, 2022, any potentially dilutive common shares were not included in the computation of diluted earnings per share as they would have had an anti-dilutive effect, therefore basic and diluted net loss per share are equal for the period. There were 12,235 and 12,132 anti-dilutive securities for the three and nine months ended September 30, 2021, respectively.

The following table presents the calculation of net earnings per common share (“EPS”) — basic and diluted (in thousands, except per share data):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Net (loss) income	$	(13,208)	$	31,081	$	(58,750)	$	83,210
Weighted-average number of common shares outstanding (basic)	23,908		21,214		23,828		21,189
Dilutive securities(1)	—		516		—		546
Weighted-average common and common equivalent shares outstanding (diluted)	23,908		21,730		23,828		21,735
EPS — basic	$	(0.55)	$	1.47	$	(2.47)	$	3.93
EPS — diluted	$	(0.55)	$	1.43	$	(2.47)	$	3.83

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(1) No dilutive effect for the three and nine months ended September 30, 2022; therefore, zero incremental shares included for the period.