Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Share

10. 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 contingently issuable shares or because their inclusion would be anti-dilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
RSUs		574,465		805,619		1,566,994		805,619

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

Three months ended September 30, 2024	Income (Numerator) (in millions)		Shares (Denominator)		Per-Share Amount
Basic EPS
Income available to common stockholders	$	3.4		28,496,801	$	0.12
Effect of Dilutive Securities
RSUs		—		691,986	$	—
Diluted EPS
Income available to common stockholders	$	3.4	$	29,188,787	$	0.12

Three months ended September 30, 2023	Income (Numerator) (in millions)		Shares (Denominator)		Per-Share Amount
Basic EPS
Income available to common stockholders	$	3.4		28,104,365	$	0.12
Effect of Dilutive Securities
RSUs		—		1,000,902	$	—
Diluted EPS
Income available to common stockholders	$	3.4	$	29,105,267	$	0.12

Nine months ended September 30, 2023	Income (Numerator) (in millions)		Shares (Denominator)		Per-Share Amount
Basic EPS
Income available to common stockholders	$	7.6		28,088,901	$	0.27
Effect of Dilutive Securities
RSUs		—		1,060,384	$	(0.01	)
Diluted EPS
Income available to common stockholders	$	7.6	$	29,149,285	$	0.26

The calculation of Basic EPS includes the effects of 1,921,997 and 1,790,728 shares for the three and nine months ended September 30, 2024 and 2023, respectively, with respect to RSU awards that have vested but have not yet been issued.