Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per ShareBasic 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 June 30, 2023, 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 June 30,		Six Months Ended June 30,
	2023	2022*	2023	2022*
	(In thousands, except per share amounts)



Net Income (Loss)	($107,896)	$303,251	$112,742	$295,536
Basic weighted average common shares outstanding	61,856	61,679	61,741	61,583
Dilutive impact of restricted stock units	—	230	198	373

Diluted weighted average common shares outstanding	61,856	61,909	61,939	61,956

Net Income (Loss) Per Common Share
Basic	($1.74)	$4.92	$1.83	$4.80
Diluted	($1.74)	$4.90	$1.82	$4.77

Restricted stock units (1)	807	26	91	12
Warrants (1)	481	345	481	336

*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.