Net Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

The following table reconciles the basic to diluted weighted average shares outstanding for the nine months ended September 30, 2023. Diluted EPS is adjusted by the effect of dilutive securities, including options and awards under the Company’s equity compensation plans, warrants and the Employee Stock Purchase Plan ("ESPP"). The treasury method was used to calculate the dilutive shares. The anti-dilutive options, awards and warrants for the nine months ended September 30, 2023 are included in the footnotes below. As a result of the Company’s net loss incurred for the three months ended September 30, 2023 and the three and nine months ended September 30, 2022, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations. Therefore, basic and diluted net loss per share were the same for the three months ended September 30, 2023 and the three and nine months ended September 30, 2022 as reflected below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	(2,035)	$	(12,536)	$	241	$	(42,058)
Denominator:
Weighted-average number of common shares – basic	64,678,761		53,424,922		59,252,768		46,828,218
Effect of dilutive stock options (a)	—		—		57,471		—
Effect of restricted stock units (b)	—		—		654,682		—
Effect of warrants (c)	—		—		1,547,751		—
Effect of Employee Stock Purchase Plan	—		—		1,064		—
Weighted-average number of common shares – diluted	64,678,761		53,424,922		61,513,736		46,828,218
Earnings per share attributable to common stockholders:
Earnings (Loss) per common share – basic	$	(0.03)	$	(0.23)	$	—	$	(0.90)
Earnings (Loss) per common share – diluted	$	(0.03)	$	(0.23)	$	—	$	(0.90)

(a)For the three months ended September 30, 2023 and 2022 and the nine months ended September 30, 2023 and 2022, outstanding stock options of 5,912,647, 5,967,492, 5,339,130 and 5,967,492 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

(b)For the three months ended September 30, 2023 and 2022 and the nine months ended September 30, 2023 and 2022, outstanding restricted stock units of 3,280,313, 168,050, 605,650 and 168,050 shares of Common Stock, respectively were anti-dilutive and excluded from the computation of diluted EPS.

(c)For the three months ended September 30, 2023 and 2022 and the nine months ended September 30, 2023 and 2022, outstanding warrants of 4,464,429, 10,564,429, 4,464,429 and 10,564,429 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.