Net Income Per Share:

6 Months Ended

Jun. 30, 2023

Net Loss 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 six months ended June 30, 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 and six months ended June 30, 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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net loss	$	(9,934)	$	(7,474)	$	(19,746)	$	(45,542)
Weighted-average number of common shares outstanding (basic)	24,075		23,897		24,045		23,787
Dilutive securities(1)	—		—		—		—
Weighted-average common and common equivalent shares outstanding (diluted)	24,075		23,897		24,045		23,787
EPS — basic	$	(0.41)	$	(0.31)	$	(0.82)	$	(1.91)
EPS — diluted	$	(0.41)	$	(0.31)	$	(0.82)	$	(1.91)

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(1) Due to the net loss for the three and six months ended June 30, 2023 and 2022, there are no potentially dilutive common shares included in the computation of diluted earnings per share.