Note 14 - Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

EARNINGS (LOSS) PER SHARE

NOTE 14—EARNINGS (LOSS) PER SHARE

The following table is a calculation of the net earnings (loss) per basic and diluted share:

	Years ended December 31,
(In thousands, except per share amounts)	2022		2021		2020
Numerator
Net income (loss)	$	116,042	$	39,759	$	(4,907)
Denominator
Weighted average shares used to compute basic earnings per share		44,164		43,964		42,460
Dilutive effect of stock option awards		532		293		—
Dilutive effect of restricted stock units		6
Weighted average shares used to compute diluted earnings per share		44,702		44,257		42,460
Earnings (loss) per share
Basic	$	2.63	$	0.90	$	(0.12)
Diluted	$	2.60	$	0.90	$	(0.12)

Diluted EPS for 2022 excludes 248,706 of target performance stock units based on the guidance for contingently issuable shares, which requires exclusion when, based on current period results, the shares would not be issuable if the end of the reporting period were the end of the contingency period. Refer to Note 9 for additional information regarding performance stock unit awards. Diluted EPS for 2020 excludes 937,424 options to purchase our common stock because their effect would be anti-dilutive.