Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.23.1
Earnings Per Share
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or otherwise result in the issuance of common stock that shared in the earnings of the entity. Diluted EPS also utilizes the treasury stock method which prescribes a theoretical buy back of shares from the theoretical proceeds of all options outstanding during the period, and the if-converted method for convertible debt.
The following is a reconciliation of the weighted average number of common shares outstanding used in calculating basic and diluted net loss per share (in thousands):
For the years ended
December 31, 2022 December 31, 2021
Net income - basic $ 18,464  $ 6,273 
Interest on unsecured convertible promissory note 632  1,000 
Net income - diluted $ 19,096  $ 7,273 
Weighted average shares outstanding - basic 15,845 15,172
Diluted shares- Stock Options 1,493 2,001
Diluted shares- Stock Warrants 1,073 220
Unsecured convertible promissory note 240 1,000
Weighted average shares outstanding - diluted $ 18,651  $ 18,393 
The following table represents the number of securities excluded from the income per share computation as a result of their anti-dilutive effect (in thousands):
For the years ended
Anti-dilutive securities December 31, 2022 December 31, 2021
Common stock purchase warrants 455  455 
Stock Options 770  828 
Unsecured convertible promissory note —  — 
Anti-dilutive securities 1,225  1,283