Annual report pursuant to Section 13 and 15(d)

LOSS PER SHARE

v3.22.4
LOSS PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE LOSS PER SHARE
Loss per share computations are based upon the following table:
(In thousands, except per share data) 2022 2021 2020
Net Loss $ (35,747) $ (25,578) $ (115,781)
Basic Earnings Weighted Average Shares 32,164  31,061  30,795 
Net Effect of Dilutive Stock Options —  —  — 
Diluted Earnings Weighted Average Shares 32,164  31,061  30,795 
Basic Loss Per Share $ (1.11) $ (0.82) $ (3.76)
Diluted Loss Per Share $ (1.11) $ (0.82) $ (3.76)
Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares excluded from the computation was approximately 1.4 million for the year ended December 31, 2022, 1.2 million for the year ended December 31, 2021, and 0.8 million for the year ended December 31, 2020.
The Company has funded substantially all of its 2021 and 2022 401K contributions, and will fund the remaining 2022 401K contributions outstanding, with treasury stock in lieu of cash. The earnings per share computation for the years ended December 31, 2022 and 2021 are is inclusive of approximately 0.1 million and 0.4 million in shares outstanding for the equivalent shares needed to fulfill the respective period’s 401K obligation using the closing share price as of December 31, 2022 and 2021, respectively. Actual shares issued may differ based on the share price on the settlement date.