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Basic and Diluted (Loss) Income per Common Share (Tables)
12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The components of basic and diluted (loss) income per share are as follows:
Year ended December 31,
202320222021
(In thousands, except share and per share amounts)
Earnings per share
Net (loss) income attributable to common stockholders$(16,343)$19,570 $(27,362)
Net (loss) income per share:
Basic$(0.64)$0.77 $(1.09)
Diluted$(0.64)$(0.48)$(1.09)
Numerator used to compute net (loss) income per share:
Basic$(16,343)$19,570 $(27,362)
Net gain on extinguishment of debt, net of taxes— (39,614)— 
Interest expense on convertible notes, net of taxes— 5,147 — 
Diluted (1)
$(16,343)$(14,897)$(27,362)
Weighted average number of common shares outstanding:
Basic25,612,724 25,282,796 25,090,916 
Convertible debt conversion— 5,625,073 — 
Diluted25,612,724 30,907,869 25,090,916 
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(1) Upon the adoption of ASU 2020-06, net income is adjusted for the reversal of the net gain on extinguishment of debt and add back of interest expense as part of the calculation for diluted Non-GAAP earnings per share. See Note 8, “Debt,” to the consolidated financial statements, for additional details on the adoption of ASU 2020-06.
Schedule of Anti-dilutive Common Shares Excluded from Calculation of Net Loss
The following common share equivalents were excluded from the weighted average shares used to calculate net (loss) income per common share because their effects would have been anti-dilutive:
As of December 31,
202320222021
Stock options issued and outstanding97,480 159,741 180,209 
Restricted stock units issued and outstanding5,911,794 2,607,106 344,486 
Convertible senior notes (1) (2)
3,442,229 — 987,149 
Total9,451,503 2,766,847 1,511,844 
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(1) As of December 31, 2022, subsequent to adopting ASU 2020-06 as of January 1, 2022, the Company used the if-converted method to calculate the dilutive impact of the 2026 Convertible Notes and 2028 Convertible Notes on diluted income per share, if applicable. The Company expected to settle the principal amount of these notes in cash and any excess in shares of the Company’s Class A common stock. The diluted shares were calculated based on the initial conversion rate of 10.9857 and 5.5781 shares per $0.001 of the aggregate principal amount for the 2026 Convertible Notes and 2028 Convertible Notes, respectively. See Note 8, “Debt” to the consolidated financial statements, for additional details on the adoption of ASU 2020-06 and for additional details on the Company’s Convertible Notes.
(2) As of December 31, 2021, the Company used the treasury stock method to calculate the dilutive impact of the 2026 Convertible Notes and the 2028 Convertible Notes because at that time the Company expected to settle the principal amount of these notes in cash and any excess in shares of the Company’s Class A common stock. As of December 31, 2021, the conversion spread, calculated using the average market price of Class A common stock during the period consistent with the treasury stock method, had a dilutive impact for the 2026 Convertible Notes on diluted net income per share of Class A common stock when the average market price of the Company’s Class A common stock for a given period exceeded the conversion price of $91.03 per share. As of December 31, 2021, the conversion spread for the 2028 Convertible Notes was anti-dilutive as the average market price of the Company’s Class A common stock for a given period did not exceed the conversion price of $179.27 per share.