|
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 months ended March 31, 2022 and 2021, respectively (in thousands, except share and per share data):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
Net income |
|
$ |
17,226 |
|
$ |
10,018 |
Reversal of loss on change in fair value of warrant liability |
|
|
- |
|
|
224 |
Net income adjusted for EPS - diluted |
|
$ |
17,226 |
|
$ |
10,242 |
|
|
|
|
|
|
|
Weighted-average number of shares outstanding - basic |
|
|
51,686,583 |
|
|
42,212,134 |
Additional shares from assumed stock-settled restricted stock units |
|
|
1,818,745 |
|
|
115,959 |
Additional shares from assumed exercise of public warrants |
|
|
481 |
|
|
1,869,098 |
Additional shares purchasable for employee stock purchase plan |
|
|
4,703 |
|
|
- |
Weighted-average number of shares outstanding - diluted |
|
|
53,510,512 |
|
|
44,197,191 |
|
|
|
|
|
|
|
Earnings per share – basic: |
|
$ |
0.33 |
|
$ |
0.24 |
Earnings per share – diluted: |
|
$ |
0.32 |
|
$ |
0.23 |
|
|
|
|
|
|
|
Anti-dilutive shares/units excluded from earnings per share - diluted: |
|
|
|
|
|
|
Additional shares from assumed exercise of Private Warrants |
|
|
188,913 |
|
|
- |
|