Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the three months ended March 31, 2022, 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:


	Three Months Ended March 31,
	2023	2022*
	(In thousands, except per share amounts)



Net Income (Loss)	$220,638	($7,715)
Basic weighted average common shares outstanding	61,625	61,487
Dilutive impact of restricted stock units	249	—

Diluted weighted average common shares outstanding	61,874	61,487

Net Income (Loss) Per Common Share
Basic	$3.58	($0.13)
Diluted	$3.57	($0.13)

Restricted stock units (1)	42	980
Warrants (1)	481	481

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

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