Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Share

9. Net Income (Loss) per Share 

Basic income/loss per share (“EPS”) is computed by dividing net income/loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential shares of common stock outstanding during the period, including stock options and RSUs, unless the inclusion would be anti-dilutive. 

The computation of diluted EPS excludes the common stock equivalents of the following potentially dilutive securities because they were either contingently issuable shares or because their inclusion would be anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
RSUs		580,361		809,510		1,588,017		809,510

The following tables reconcile the numerators and denominators of the basic and diluted EPS computations. There were no reconciling items for the six months ended June 30, 2024:

Three months ended June 30, 2024	Income (Numerator) (in millions)		Shares (Denominator)		Per-Share Amount
Basic EPS
Income available to common stockholders	$	2.0		28,474,059	$	0.07
Effect of Dilutive Securities
RSUs		—		572,222	$	—
Diluted EPS
Income available to common stockholders	$	2.0		29,046,281	$	0.07

Three months ended June 30, 2023	Income (Numerator) (in millions)		Shares (Denominator)		Per-Share Amount
Basic EPS
Income available to common stockholders	$	5.6		28,186,725	$	0.20
Effect of Dilutive Securities
RSUs		—		886,353	$	(0.01	)
Diluted EPS
Income available to common stockholders	$	5.6		29,073,078	$	0.19

Six months ended June 30, 2023	Income (Numerator) (in millions)		Shares (Denominator)		Per-Share Amount
Basic EPS
Income available to common stockholders	$	4.2		28,081,041	$	0.15
Effect of Dilutive Securities
RSUs		—		942,247	$	(0.01	)
Diluted EPS
Income available to common stockholders	$	4.2		29,023,288	$	0.14

The calculation of Basic EPS includes the effects of 1,915,323 and 1,932,560 shares for the three and six months ended June 30, 2024 and 2023, respectively, with respect to RSU awards that have vested but have not yet been issued.