EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2021

Summary of basic and diluted earnings per share

Calculation of earnings (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2021		2020		2021		2020
Net income (loss)	$	37,291	$	(20,740)	$	30,674	$	(46,112)
Weighted-average common shares outstanding	81,316		80,224		81,161		80,016
Earnings (loss) per share, basic	$	0.46	$	(0.26)	$	0.38	$	(0.58)

Net income (loss)	$	37,291	$	(20,740)	$	30,674	$	(46,112)
Interest expense associated with convertible debt instruments, net of tax	1,351		—		—		—
Numerator for diluted EPS	$	38,642	$	(20,740)	$	30,674	$	(46,112)
Weighted-average effect of dilutive securities:
Convertible debt (1)	4,443		—		—		—
Stock options	3,266		—		3,416		—
RSUs	1,295		—		1,429		—
Effect of dilutive securities (2)	9,004		—		4,845		—
Weighted-average common shares outstanding, assuming dilution (1) (2) (3)	90,320		80,224		86,006		80,016
Earnings (loss) per share, diluted	$	0.43	$	(0.26)	$	0.36	$	(0.58)

Outstanding anti-dilutive stock options and RSUs (4)	19		5,929		22		5,939

(1) The shares underlying the conversion options in the Company’s Notes are included using the if-converted method, if dilutive in the period. If the outstanding conversion options were fully exercised, the Company would issue an additional 4.4 million shares.

(2) In periods of loss, all dilutive securities are excluded as their inclusion would be anti-dilutive.

(3) The Company’s Capped Call Transactions convert to approximately 4.4 million shares of the Company’s common stock (representing the number of shares for which the Notes are initially convertible). The Capped Call Transactions are generally expected to reduce common stock dilution and/or offset any potential cash payments the Company must make, other than for principal and interest, upon conversion of the Notes, with such reduction and/or offset subject to a cap of $196.44. The Capped Call Transactions are excluded from weighted-average common shares outstanding, assuming dilution, in all periods as their effect would be anti-dilutive.

(4) Outstanding stock options and RSUs that were anti-dilutive under the treasury stock method in the period were excluded from the computation of diluted earnings (loss) per share. These awards may be dilutive in the future.