Earnings Per Share

6 Months Ended

Jun. 30, 2023

The components of basic and diluted earnings (loss) per share are as follows (in thousands, except share and per share data):


	Three months ended June 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator for basic and diluted net income (loss) per common share:
Net income (loss)	$	16,679	$	16,679	$	(46,436)	$	(46,436)
Less: Net income available to participating securities (1)	(2)		(2)		—		—
Plus: 1.75% Convertible Notes interest expense (after-tax)	—		—		—		—
Net (loss) income available to the Company’s common shareholders	$	16,677	$	16,677	$	(46,436)	$	(46,436)
Denominator:
Basic weighted-average outstanding shares of common stock	46,798,800		46,798,800		46,978,709		46,978,709
Diluted effect of:
Equity incentive plans	—		—		—		—
Convertible debt	—		—		—		—
Diluted weighted-average outstanding shares of common stock	46,798,800		46,798,800		46,978,709		46,978,709

Net income (loss) per share	$	0.36	$	0.36	$	(0.99)	$	(0.99)

(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).


	Six months ended June 30,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator for basic and diluted net income (loss) per common share:
Net income (loss)	$	9,052	$	9,052	$	(21,899)	$	(21,899)
Less: Net income available to participating securities (1)	(2)		(2)		—		—
Plus: 1.75% Convertible Notes interest expense (after-tax)	—		—		—		—
Net income (loss) available to the Company’s common shareholders	$	9,050	$	9,050	$	(21,899)	$	(21,899)
Denominator:
Basic weighted-average outstanding shares of common stock	46,892,504		46,892,504		47,016,351		47,016,351
Diluted effect of:
Equity incentive plans	—		—		—		—
Convertible debt	—		—		—		—
Diluted weighted-average outstanding shares of common stock	46,892,504		46,892,504		47,016,351		47,016,351

Net income (loss) per share	$	0.19	$	0.19	$	(0.47)	$	(0.47)

(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

For the three months ended June 30, 2023 and 2022, there were 1,548,331 and 1,263,394 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive primarily due to the average stock price during the 2023 period and the net loss during the 2022 period. For the six months ended June 30, 2023 and 2022, there were 1,548,331 and 1,263,394 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive primarily due to the average stock price during the 2023 period and the net loss during the 2022 period. For the three and six months ended June 30, 2023 and 2022, 5,158,071 shares related to convertible debt were excluded from diluted shares because they were anti-dilutive under the if-converted method for the diluted net income per share calculation of convertible debt instruments.