Diluted Earnings Per Share

12 Months Ended

Dec. 31, 2022

Net (Loss) Income Per Share

The following table sets forth the computation of diluted net (loss) income per share:


Diluted Net (Loss) Income Per Share	Year Ended December 31,
(in thousands, except share-based data)		2022		2021
Numerator:
Net (loss) income		$	(95,444)	$	120,654



Net (loss) income allocated to common stockholders for diluted net (loss) income per share		$	(95,444)	$	120,654
Denominator:
Denominator for basic net (loss) income per share - weighted average shares outstanding		81,546,648		65,177,873

Dilutive options and unvested stock units outstanding		—		5,438,952
Dilutive warrants outstanding		—		301,952

Denominator for diluted net (loss) income per share - adjusted weighted average shares outstanding		81,546,648		70,918,777

Net (loss) income per share - basic		$	(1.17)	$	1.85
Net (loss) income per share - diluted		$	(1.17)	$	1.70

Net (loss) income per share is provided in accordance with ASC 260-10, Earnings Per Share. Basic earnings per share is computed by dividing net (loss) income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the period. It is computed by dividing undistributed earnings allocated to common stockholders for the period by the weighted average number of common shares outstanding during the period, plus the dilutive effect of outstanding preferred shares, options and unvested stock units, and warrants outstanding pursuant to the treasury stock method.

As the Company incurred a net loss for the year ended December 31, 2022, the inclusion of certain options, unvested stock units, warrants, and contingent Sponsor Earnout Shares in the calculation of diluted earnings per share would be anti-dilutive and, accordingly, were excluded from the diluted loss per share calculation.

The following table summarizes potential common shares that were excluded as their effect is anti-dilutive:


	Year Ended December 31,
		2022	2021

Options and unvested stock units outstanding		6,355,796	3,029,991
Warrant outstanding		19,957,428	19,897,500

Contingent Sponsor Earnout Shares		1,437,500	—
Total		27,750,724	22,927,491