Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 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 and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive.
The following table sets forth the computation of basic and diluted earnings per share:
Years Ended December 31,
2023
2022*
2021*
(In thousands, except per share amounts)
Net Income $401,201  $1,019,443  $133,561 
Basic weighted average common shares outstanding 64,692  61,620  48,612 
Dilutive impact of restricted stock units 160  284  296 
Dilutive impact of warrants —  —  1,403 
Diluted weighted average common shares outstanding 64,852  61,904  50,311 
Net Income Per Common Share
Basic $6.20  $16.54  $2.75 
Diluted $6.19  $16.47  $2.65 
Restricted stock units (1)
64  30  7 
Warrants (1)
481  455  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.