| EARNINGS PER SHARE |
NOTE K — EARNINGS PER SHARE
The computation of basic and diluted earnings per share (“EPS”) is based on the weighted average number of common shares outstanding during each period.
The following table provides a reconciliation of the computation for basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022, respectively (in thousands, except share and per share data):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
|
2022 |
Net (loss) income |
|
$ |
(148) |
|
$ |
(9,013) |
|
$ |
(2,831) |
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$ |
34,668 |
Change in fair value of warrant liability |
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|
- |
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|
- |
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(1,004) |
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|
- |
Net (loss) income for EPS - Diluted |
|
$ |
(148) |
|
$ |
(9,013) |
|
$ |
(3,835) |
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$ |
34,668 |
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Weighted-average number of shares outstanding - basic |
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51,321,026 |
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51,745,354 |
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51,252,581 |
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51,707,809 |
Additional shares from assumed stock-settled restricted stock units |
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- |
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- |
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- |
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2,326,858 |
Additional shares from assumed exercise of warrants |
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|
- |
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- |
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177,624 |
|
|
180 |
Additional shares issued under the employee stock purchase plan |
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- |
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- |
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- |
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1,555 |
Weighted-average number of shares outstanding - diluted |
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51,321,026 |
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51,745,354 |
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51,430,205 |
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54,036,402 |
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(Loss) earnings per share – basic: |
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$ |
- |
|
$ |
(0.17) |
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$ |
(0.06) |
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$ |
0.67 |
(Loss) earnings per share – diluted: |
|
$ |
- |
|
$ |
(0.17) |
|
$ |
(0.07) |
|
$ |
0.64 |
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Anti-dilutive shares/units excluded from earnings per share - diluted: |
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Additional shares from assumed exercise of warrants |
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126,154 |
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188,150 |
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- |
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179,695 |
Additional shares from assumed stock-settled restricted stock units |
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2,007,217 |
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2,415,638 |
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1,869,782 |
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- |
Additional shares purchasable for employee stock purchase plan |
|
|
6,542 |
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|
4,626 |
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|
1,043 |
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- |
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