Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Basic Net Income (Loss) Per Common Share

The following table provides a reconciliation of net loss to net loss available to common stockholders and calculation of basic net loss per common share for each of the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss)	$	8,534	$	(8,426)	$	4,751	$	(29,783)



Accumulated dividends on Series B Preferred Stock	1,773		1,670		5,184		4,884
Net income (loss) available to common stockholders	$	6,761	$	(10,096)	$	(433)	$	(34,667)
Weighted average common shares outstanding	116,298,146		113,448,251		115,528,067		112,650,713
Basic net income (loss) per common share	$	0.06	$	(0.09)	$	(0.00)	$	(0.31)

Schedule of Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of diluted net loss per common share (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss) available to common stockholders	$	6,761	$	(10,096)	$	(433)	$	(34,667)
Adjustments:
Accumulated dividends on Series B Convertible Preferred Stock	1,773		1,670		5,184		4,884
Less: antidilutive adjustments	(1,773)		(1,670)		(5,184)		(4,884)
Total adjustments	—		—		—		—
Numerator	$	6,761	$	(10,096)	$	(433)	$	(34,667)
Weighted average shares outstanding	116,298,146		113,448,251		115,528,067		112,650,713
Adjustments:
Potential common shares (a)

Restricted stock unit awards	1,845,832		—		—		—
Outstanding stock options	1,131,410		—		—		—
Performance stock unit awards	35,441		—		—		—
Restricted stock awards	15,767		—		—		—
Employee stock purchase plan	1,113		—		—		—
Total adjustments	3,029,563		—		—		—
Weighted average shares outstanding adjusted for potential common shares	119,327,709		113,448,251		115,528,067		112,650,713
Diluted net income (loss) per common share	$	0.06	$	(0.09)	$	(0.00)	$	(0.31)

(a) Weighted average common shares outstanding for the calculation of diluted net income (loss) per common share does not include the following adjustments for potential common shares below because their effects were determined to be antidilutive for the periods presented.

Schedule of Antidilutive Securities


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Series B Convertible Preferred Stock	30,445,997	28,685,739	29,559,946	27,850,916
Restricted stock unit awards	—	474,355	1,219,776	574,507
Performance stock unit awards	—	59,996	13,425	40,141
Employee stock purchase plan	—	4,536	372	1,517
Restricted stock awards	—	22,327	23,733	293,778
Outstanding stock options	—	22,528	107,897	97,190
Potential common shares	30,445,997	29,269,481	30,925,149	28,858,049