Annual report pursuant to Section 13 and 15(d)

Earnings (Loss) Per Share

v3.22.0.1
Earnings (Loss) Per Share
12 Months Ended
Dec. 31, 2021
Earnings (Loss) Per Share  
Earnings (Loss) Per Share

15. Earnings (Loss) Per Share

Basic earnings (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of common shares, using the two-class method. As the Company has granted RSUs that both participate in dividend equivalents and do not participate in dividend equivalents, the Company has calculated earnings (loss) per share pursuant to the two-class method, which is an earnings allocation formula that determines earnings (loss) per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Diluted net earnings (loss) per share is calculated by dividing net income (loss)  attributable to common stockholders by the weighted average number of common stock and dilutive common stock outstanding during the period.  Potential common shares in the diluted net earnings per share computation are excluded to the extent that they would be anti-dilutive. Weighted average of potentially dilutive non-participating RSU’s were 25,565 in the year ended December 31, 2020

2021

2020

2019

Basic earnings (loss) per common share

Net income (loss)

$

30,691

$

(86,553)

$

49,166

Less income allocated to participating securities

503

-

639

Net income (loss) allocated to common shareholders

$

30,188

$

(86,553)

$

48,527

Weighted average common shares outstanding

22,954,523

22,846,467

22,779,057

$

1.31

$

(3.81)

$

2.13

Earnings (loss) per common share assuming dilution

Net income (loss)

$

30,691

$

(86,553)

$

49,166

Less income allocated to participating securities

503

-

639

Net income (loss) allocated to common shareholders

$

30,188

$

(86,553)

$

48,527

Weighted average common shares outstanding

22,954,523

22,846,467

22,779,057

Incremental shares applicable to stock based compensation

10,209

-

34,654

Weighted average common shares assuming dilution

22,964,732

22,846,467

22,813,711

$

1.29

$

(3.81)

$

2.11