Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock (as adjusted for the Merger Exchange Ratio as described in Note 2 "Business Combination" ):


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2022		2021		2022		2021
Numerator:
Net income (loss)	$	(5,833)	$	(7,715)	$	39,061	$	(14,541)
Denominator:
Basic weighted average common shares outstanding	115,995		7,187		115,693		6,258
Effect of dilutive securities:
Stock options	—		—		10,428		—
Restricted stock units					65
Diluted weighted average common shares outstanding	115,995		7,187		126,185		6,258
Earnings (loss) per share:
Basic	$	(0.05)	$	(1.07)	$	0.34	$	(2.32)
Diluted	$	(0.05)	$	(1.07)	$	0.31	$	(2.32)

Potential common shares that are considered anti-dilutive are excluded from the computation of diluted earnings per share. Potential common shares related to stock-based awards issued under stock-based compensation programs, preferred stock and warrants may be determined to be anti-dilutive based on the application of the treasury stock method. Potential common shares are also considered anti-dilutive in periods when the Company incurs a net 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 anti-dilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, were as follows (as adjusted for the Merger Exchange Ratio as described in Note 2 "Business Combination"):


	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2022	2021	2022	2021
Redeemable convertible preferred stock	—	75,495	—	75,495
Stock options	27,413	14,509	16,321	15,151
Restricted stock units	321
Warrants	—	12	—	12
Earn-Out Shares	12,500	—	12,500	—
Total anti-dilutive shares	40,234	90,016	28,821	90,658