Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted stock units outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the three months ended March 31, 2022, the Company reported a net loss. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding.
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended March 31,
  2023 2022*
(In thousands, except per share amounts)
Net Income (Loss) $220,638  ($7,715)
Basic weighted average common shares outstanding 61,625  61,487 
Dilutive impact of restricted stock units 249  — 
Diluted weighted average common shares outstanding 61,874  61,487 
Net Income (Loss) Per Common Share
Basic $3.58  ($0.13)
Diluted $3.57  ($0.13)
Restricted stock units (1)
42  980 
Warrants (1)
481  481 
*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.
(1)    Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.