Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

NET INCOME (LOSS) PER SHAREBasic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the

weighted average number of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three and nine months ended September 30, 2022, there were 3,719,764 and 2,013,571 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 1,513,288 and 1,489,158 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2021, respectively.


	Three months ended September 30,				Nine months ended September 30,
In thousands except per share amounts	2022		2021		2022		2021




Net income (loss) available to common stockholders	$	(57,444)	$	(54,768)	$	(127,196)	$	(20,562)

Weighted average shares:
Basic	278,105		254,744		272,599		247,675
Effect of stock-based compensation plans	—		—		—		—
Diluted	278,105		254,744		272,599		247,675

Income (loss) per share:


Basic	$	(0.21)	$	(0.21)	$	(0.47)	$	(0.08)




Diluted	$	(0.21)	$	(0.21)	$	(0.47)	$	(0.08)

On March 18, 2022, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March Equity Offering”). The Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement (the “Sales Agreement”), entered into on April 23, 2020 between the Company and BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 22,053,275 shares of its common stock in the March Equity Offering at an average price of $4.53 per share, raising net proceeds (after sales commissions) of $98.0 million. Proceeds from the March Equity Offering were used to repay outstanding amounts under the RCF.