Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2023

Basic earnings (loss) per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the impact of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock. In loss periods, the impact of common shares issuable upon the exercises of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock are excluded from the calculation of diluted loss per share, as the inclusion of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stocks, and conversion of preferred stock would have an anti-dilutive effect. There is no difference between basic and diluted loss per share.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings (loss) per share computations for the periods presented (in thousands, except per share data):


	Three Months Ended March 31,
	2023		2022
Numerator for EPS:
Net income (loss)	$	24,173	$	17,537
Less: Preferred stock dividends	(3)		(3)
Income (loss) available to common stockholders	$	24,170	$	17,534
Denominator for EPS:
Weighted average common shares outstanding	30,382		31,147
Plus: Assumed conversion of share-based compensation (1)	219		55
Assumed conversion of preferred stock	25		25
Weighted average diluted common shares outstanding	30,626		31,227
Basic earnings (loss) per common share	$	0.80	$	0.56
Diluted earnings (loss) per common share	$	0.79	$	0.56


(1)						Represents the dilutive effect of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units and non-vested restricted stock.