EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Basic earnings per share includes no dilution and is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares outstanding for the periods presented. The calculation of basic earnings per share for the years ended December 31, 2023, 2022 and 2021, respectively, includes the weighted average of common shares outstanding. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities. Due to their anti-dilutive effect, the calculation of diluted earnings per share for the years ended December 31, 2023, 2022, 2021, excludes: 1) options to purchase 1,549,681, 3,633,303 and 4,195,168 shares, respectively, of common stock, 2) warrants to purchase 3,834,900, 2,834,900 and 0 shares, respectively, of common stock, 3) Series A Preferred Stock which is convertible into 0, 0 and 385,601 shares of common stock, respectively, and 4) 2,587,935, 22,237,854, 36,214,960 shares of common stock, respectively, which may be issued upon conversion of the Convertible Senior Notes, based on the initial maximum conversion rate of 233.6449 shares of the Company’s common stock per $1,000 principal amount of Convertible Senior Notes.

The following is a reconciliation of the numerator and denominator for basic and diluted income (loss) per share for the year ended December 31, 2023, 2022 and 2021 (in thousands, except per share amounts):


	2023		2022		2021
Basic income (loss) per Share
Numerator:
Net loss attributable to shareholders from continuing operations	$	(125,683)	$	(17,035)	$	(27,287)
Net income attributable to shareholders from discontinued operations, net of tax	54,197		11,785		6,682
Net loss attributable to common shareholders	$	(71,486)	$	(5,250)	$	(20,605)
Denominator:
Weighted-average common shares outstanding	85,596		70,686		56,303
Basic income (loss) per common shares
Continuing operations	$	(1.47)	$	(0.24)	$	(0.48)
Discontinued operations, net of tax	0.63		0.17		0.12
Basic loss per share	$	(0.84)	$	(0.07)	$	(0.36)

Diluted Income (Loss) per Share
Numerator:
Net loss attributable to shareholders from continuing operations	$	(125,683)	$	(17,035)	$	(27,287)
Net income available to shareholders from discontinued operations, net of tax	54,197		11,785		6,682
Net loss available to common shareholders	$	(71,486)	$	(5,250)	$	(20,605)
Denominator:
Weighted-average shares outstanding	85,596		70,686		56,303
Effect of dilutive securities
Stock options and warrants	—		—		—

Diluted weighted-average shares outstanding	85,596		70,686		56,303
Diluted income (loss) per common shares
Continuing operations	$	(1.47)	$	(0.24)	$	(0.48)
Discontinued operations, net of tax	0.63		0.17		0.12
Diluted loss per share	$	(0.84)	$	(0.07)	$	(0.36)