Quarterly report pursuant to Section 13 or 15(d)

(Loss) earnings per share

v3.22.2
(Loss) earnings per share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
(Loss) earnings per share (Loss) earnings per share
The Company presents (loss) earnings per share on a basic and diluted basis. Basic (loss) earnings per share is computed by dividing net (loss) earnings by the weighted average number of common shares outstanding ("WASO") during the period. Diluted (loss) earnings per share includes the dilutive effect of common stock equivalents, consisting of stock options and warrants using the treasury stock method and convertible notes and preferred stock using the if-converted method. Under the treasury stock method, the amount the holder must pay for exercising stock options or warrants and the amount of average compensation cost for future service that has not yet been recognized are collectively assumed to be used to repurchase shares.
For the three and six months ended June 30, 2022, the Company’s basic and diluted net loss per share attributable to common stockholders are the same because the Company generated a net loss and common stock equivalents are excluded from diluted net loss per share as they have an antidilutive impact. As the Company reported net income for the three and six months ended June 30, 2021, basic and diluted net earnings per share attributable to common stockholders are calculated as outlined above. For the three and six months ended June 30, 2021, the weighted average diluted common shares had 3,471,245 and 4,474,577 common stock equivalents excluded, respectively, based on the fact that their inclusion would have had an anti-dilutive effect on earnings per share.
The following table sets forth basic and diluted net (loss) earnings per share available to common stockholders for the three and six months ended June 30, 2022 and 2021 (in thousands, except share and per share amounts):
Three Months Ended
 June 30,		 Six Months Ended
 June 30,
Common stockholders 2022 2021 2022 2021
Basic (loss) earnings per share:
Numerator:
Net (loss) income $ (4,367) $ 24,776  $ (8,407) $ 11,926 
Less: Adjustment due to warrant modifications —  —  —  402 
Adjusted net (loss) income available to common stockholders $ (4,367) $ 24,776  $ (8,407) $ 11,524 
Denominator:
Basic WASO 29,364,712  11,126,909  29,327,316  10,361,462 
Net (loss) earnings per share available to common stockholders, basic $ (0.15) $ 2.23  $ (0.29) $ 1.11 
Dilutive (loss) earnings per share:
Numerator:
Net (loss) income $ (4,367) $ 24,776  $ (8,407) $ 11,926 
Less: Adjustment due to warrant modifications —  —  —  402 
Add: Interest expense on convertible notes, net —  656  —  — 
Adjusted net (loss) income available to common stockholders $ (4,367) $ 25,432  $ (8,407) $ 11,524 
Denominator:
Basic WASO 29,364,712  11,126,909  29,327,316  10,361,462 
Dilutive common stock equivalents —  10,262,504  —  10,137,367 
Diluted WASO 29,364,712  21,389,413  29,327,316  20,498,829 
Net (loss) earnings per share available to common stockholders, diluted $ (0.15) $ 1.19  $ (0.29) $ 0.56