(LOSS) PER SHARE

3 Months Ended

Mar. 31, 2023

NOTE 14. (LOSS) PER SHARE

Basic (loss) per share is calculated using the weighted-average number of common shares outstanding during the period. Diluted (loss) per share is calculated using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding stock options, RSUs, and convertible senior notes.

Calculation of (loss) per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)		2023		2022
Net (loss)		$	(20,774)	$	(379)
Weighted-average common shares outstanding		82,604		81,680
(Loss) per share, basic		$	(0.25)	$	—

Net (loss)		$	(20,774)	$	(379)







Weighted-average common shares outstanding, assuming dilution (1) (2) (3)		82,604		81,680
(Loss) per share, diluted		$	(0.25)	$	—

Outstanding anti-dilutive stock options and RSUs (4)		1,348		4,178

(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 approximately 4.2 million shares as of March 31, 2023.

(3) The Company’s Capped Call Transactions represent the equivalent of approximately 4.2 million shares of the Company’s common stock (representing the number of shares for which the Notes are initially convertible) as of March 31, 2023. 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) per share. These awards may be dilutive in the future.