Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net (loss) income	$	(19,579)	$	(5,833)	$	(44,206)	$	39,061
Denominator:
Basic weighted average common shares outstanding	116,919		115,995		116,734		115,693
Effect of dilutive securities:
Stock options	—		—		—		10,428
Restricted stock units	—		—		—		65
Diluted weighted average common shares outstanding	116,919		115,995		116,734		126,185
Earnings (loss) per share:
Basic	$	(0.17)	$	(0.05)	$	(0.38)	$	0.34
Diluted	$	(0.17)	$	(0.05)	$	(0.38)	$	0.31

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 June 30,		Six Months Ended June 30,
(In thousands)	2023	2022	2023	2022
Stock options	15,383	27,413	19,777	16,321
Restricted stock units	15,104	321	12,479	—
ESPP	200	—	241	—
Earn-out shares	12,500	12,500	12,500	12,500
Total anti-dilutive shares	43,187	40,234	44,997	28,821