Net (Loss) Income per Share

12 Months Ended

Dec. 31, 2022

The following table sets forth the computation of basic and diluted net (loss) income per share attributable to common stockholders for the periods presented:


(in thousands, except share and per share amounts)	Year Ended December 31,
	2020		2021		2022
Numerator:
Net (loss) income attributable to stockholders	$	(52,293)	$	(18,527)	$	19,410

Undistributed (losses) income allocated to stockholders	$	(52,293)	$	(18,527)	$	19,410

Denominator:
Weighted average number of shares outstanding, basic	88,345,312		90,218,386		94,052,435
Weighted average additional shares assuming conversion of common shares	—		—		4,813,569
Weighted average common shares outstanding - diluted	88,345,312		90,218,386		98,866,004

Net (loss) income per share attributable to stockholders, basic	$	(0.59)	$	(0.21)	$	0.21

Net (loss) income per share attributable to stockholders, diluted	$	(0.59)	$	(0.21)	$	0.20

Prior to the forgiveness of the promissory notes in August 2021, the Company’s participating securities included shares of common stock issued in exchange for promissory notes that were being treated as fully vested outstanding stock options and were excluded from the denominator of basic earnings per share. These awards contained the same rights to distributions declared on the Company’s common stock but did not have a contractual obligation to share in losses, and as a result, in the periods where the Company was in a net loss position, net losses were not allocated to these participating securities. For the year ended December 31, 2021, the forgiven promissory notes are reflected as an issuance of common stock and are included in the denominator of basic earnings per share.

The following potentially dilutive outstanding securities were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Year Ended December 31,
	2020	2021	2022
Stock options	9,410,290	13,466,262	13,677,630
Common stock issued in exchange for promissory notes	370,812	—	—
Restricted Stock Awards	—	1,779,716	3,421,920
Restricted Stock Units	—	41,933	51,249