Net Income Per Share:

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 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 each of the three months ended March 31, 2023 and 2022.

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 March 31,
	2023		2022
Net (loss) income	$	(9,812)	$	(38,068)
Weighted-average number of common shares outstanding (basic)	24,014		23,646
Dilutive securities(1)	—		—
Weighted-average common and common equivalent shares outstanding (diluted)	24,014		23,646
EPS — basic	$	(0.41)	$	(1.61)
EPS — diluted	$	(0.41)	$	(1.61)

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(1) Due to the net loss for the three months ended March 31, 2023 and 2022, there are no potentially dilutive common shares included in the computation of diluted earnings per share.