Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three months ended March 31, 2022 and 2021 (as adjusted for the Merger Exchange Ratio as described in Note 2 “Business Combination”):


(In thousands, except per share amounts)	2022		2021
Numerator:
Net income (loss)	$	44,894	$	(6,826)
Denominator:
Basic weighted average common shares outstanding	115,387		5,319
Effect of dilutive securities:
Stock options outstanding	11,075		—
Diluted weighted average common shares outstanding	126,462		5,319
Earnings (loss) per share:
Basic	$	0.39	$	(1.28)
Diluted	$	0.35	$	(1.28)

Certain potential common shares outstanding are excluded from the computation of diluted earnings per share. Potential common shares related to stock options, preferred stock and warrants outstanding may be determined to be anti-dilutive based on application of the treasury stock method or in periods when the Company incurs a loss. Earn-out shares are contingent upon the price of the Company’s common stock over a specified period of time and the target stock prices have not been achieved as of the end of the reporting period. The number of potential shares outstanding that were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding,

were as follows for the three months ended March 31, 2022 and 2021 (as adjusted for the Merger Exchange Ratio as described in Note 2 “Business Combination”):


(In thousands)	2022	2021
Anti-dilutive shares:
Redeemable convertible preferred stock	—	75,495
Stock options outstanding	16,402	15,801
Warrants outstanding	—	12
Earn-out shares	12,500	—
Total	28,902	91,308