(LOSS) EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Summary of basic and diluted (loss) earnings per share

Calculation of (loss) earnings per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2022		2021			2022		2021
Net (loss) income	$	(286,296)	$	37,291		$	(286,675)	$	30,674
Weighted-average common shares outstanding	81,847		81,316			81,764		81,161
(Loss) earnings per share, basic	$	(3.50)	$	0.46		$	(3.51)	$	0.38

Net (loss) income	$	(286,296)	$	37,291		$	(286,675)	$	30,674
Interest expense associated with convertible debt instruments, net of tax	—		1,351			—		—
Numerator for diluted EPS	$	(286,296)	$	38,642		$	(286,675)	$	30,674
Weighted-average effect of dilutive securities:
Convertible debt	—		4,443			—		—
Stock options	—		3,266			—		3,416
RSUs	—		1,295			—		1,429
Effect of dilutive securities	—		9,004			—		4,845
Weighted-average common shares outstanding, assuming dilution (1) (2) (3)	81,847		90,320			81,764		86,006
(Loss) earnings per share, diluted	$	(3.50)	$	0.43		$	(3.51)	$	0.36

Outstanding anti-dilutive stock options and RSUs (4)	3,569		19			3,873		22

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

(2) 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 approximately 4.4 million shares.

(3) The Company’s Capped Call Transactions represent the equivalent of 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 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 (loss) earnings per share. These awards may be dilutive in the future.