Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareBasic 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 June 30, 2023, 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 June 30, Six Months Ended June 30,
  2023 2022* 2023 2022*
(In thousands, except per share amounts)
Net Income (Loss) ($107,896) $303,251  $112,742  $295,536 
Basic weighted average common shares outstanding 61,856  61,679  61,741  61,583 
Dilutive impact of restricted stock units —  230  198  373 
Diluted weighted average common shares outstanding 61,856  61,909  61,939  61,956 
Net Income (Loss) Per Common Share
Basic ($1.74) $4.92  $1.83  $4.80 
Diluted ($1.74) $4.90  $1.82  $4.77 
Restricted stock units (1)
807  26  91  12 
Warrants (1)
481  345  481  336 
*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.