Income (Loss) per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Income (Loss) per Share

Note 12. Income (Loss) per Share

The following table presents the calculation of basic and diluted income (loss) per share for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
	(in thousands, except per share data)
Net income (loss) attributable to Fulgent	$	(11,229	)	$	11,537	$	(26,569	)	$	165,516
Weighted-average common shares—outstanding, basic		29,813			30,362		29,675			30,298
Weighted-average common shares—outstanding, diluted		29,813			31,189		29,675			31,225
Net income (loss) per common share, basic	$	(0.38	)	$	0.38	$	(0.90	)	$	5.46
Net income (loss) per common share, diluted	$	(0.38	)	$	0.37	$	(0.90	)	$	5.30

The following securities have been excluded from the calculation of diluted income (loss) per share because their effect would have been anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Options		210		1		211		1
Restricted Stock Units		1,274		858		1,232		379
Contingently Issuable Shares		371		—		371		—

The anti-dilutive shares described above were calculated using the treasury stock method. In the three and six months ended June 30, 2023, the Company had outstanding stock options and restricted stock units and contingently issuable shares for held back related shares to the business combination of Fulgent Pharma that were excluded from the weighted-average share calculation for continuing operations due to the Company’s net loss positions.