Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted stock units and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the year ended December 31, 2020, the Company reported a net loss. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:


	Years Ended December 31,
	2022	2021	2020
	(In thousands, except per share amounts)



Net Income (Loss)	$1,209,816	$365,151	($2,533,621)
Basic weighted average common shares outstanding	61,620	48,612	39,718
Dilutive impact of restricted stock units	284	296	—
Dilutive impact of warrants	—	1,403	—
Diluted weighted average common shares outstanding	61,904	50,311	39,718

Net Income (Loss) Per Common Share
Basic	$19.63	$7.51	($63.79)
Diluted	$19.54	$7.26	($63.79)

Restricted stock units (1)	30	7	581
Warrants (1)	455	481	2,564

(1) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.