Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2023

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock:


	Three Months Ended March 31,
(In thousands, except per share amounts)	2023		2022
Numerator:
Net (loss) income	$	(24,628)	$	44,894
Denominator:
Basic weighted average common shares outstanding	116,451		115,387
Effect of dilutive securities:
Stock options	—		11,075
Diluted weighted average common shares outstanding	116,451		126,462
Earnings (loss) per share:
Basic	$	(0.21)	$	0.39
Diluted	$	(0.21)	$	0.35

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 and shares issuable pursuant to the employee stock purchase plan 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:


	Three Months Ended March 31,
(In thousands)	2023	2022
Stock options	24,220	16,402
Restricted stock units	9,826	—
ESPP	280	—
Earn-out shares	12,500	12,500
Total anti-dilutive shares	46,826	28,902