Annual report pursuant to Section 13 and 15(d)

Earnings (loss) per share

v3.22.1
Earnings (loss) per share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings (loss) per share Earnings (loss) per share
The Company presents earnings (loss) per share on a basic and diluted basis. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding ("WASO") during the period. Diluted earnings (loss) 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.
As the Company reported net income for the year ended December 31, 2021, basic and diluted net earnings per share are calculated as outlined above. For the year ended December 31, 2021, diluted WASO included 1,974,685 common stock equivalents, and 5,114,148 common stock equivalents were excluded based on the fact that their inclusion would have had an anti-dilutive effect on earnings per share. For the year ended December 31, 2020, 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 anti-dilutive impact.
The following table sets forth basic and diluted net income (loss) per share attributable to common stockholders for the years ended December 31, 2021 and 2020 (in thousands, except share and per share amounts):
Year ended December 31,
2021 2020
Numerator:
Net income (loss) $ 3,387  $ (59,335)
Less: Preferred stock dividends —  103 
Add: Adjustment due to gain on Series E Exchange —  (5,415)
Less: Adjustment due to BCF of Series F Shares —  5,349 
Less: Adjustment due to warrant modifications 402  — 
Adjusted net income (loss) available to common stockholders $ 2,985  $ (59,372)
Denominator:
Basic WASO 19,927,862  8,180,739 
Dilutive common stock equivalents 1,974,685  — 
Diluted WASO 21,902,547  8,180,739 
Net earnings (loss) per share attributable to common stockholders, basic $ 0.15  $ (7.26)
Net earnings (loss) per share attributable to common stockholders, diluted $ 0.14  $ (7.26)