Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2022

Net Income (Loss) per Share [Abstract]

Net Income (Loss) per Share

15. Net Income (Loss) per Share

Basic earnings per share of Common Stock is calculated by dividing net income available to holders of Common stock by the weighted average number of shares of Common Stock outstanding for the period. The diluted earnings per share of Common Stock calculation assumes the issuance of all dilutive potential common shares outstanding. Dilutive potential Common Stock consists of incremental shares of Class A Common Stock issuable upon the exercise of the stock options.

The following table summarizes the calculation of basic and diluted net income (loss) per common share (in thousands, except per share data):

	Year Ended December 31,
	2022			2021		2020
Net income (loss)	$	(57,429	)	$	36,262	$	30,426
Basic earnings per share
Basic weighted average shares outstanding		373,067			366,651		363,326
Basic earnings (loss) per share	$	(0.15	)	$	0.10	$	0.08
Diluted earnings per share
Basic weighted average shares outstanding		373,067			366,651		363,326
Dilutive effect of stock options		—			65,599		21,687
Diluted weighted average shares outstanding		373,067			432,250		385,013
Diluted earnings (loss) per share	$	(0.15	)	$	0.08	$	0.08

The following shares were excluded from the calculation of diluted net loss per share calculation as their effect would have been anti-dilutive (in thousands):

	Year Ended December 31,
	2022		2021		2020
Stock options		51,845		54		4,329
Restricted stock units		7,084		7,041		—
Warrants		125		125		—