| Computation of Basic and Diluted Net Income (Loss) Per Common Share |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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(In Thousands, Except Per Share Amounts) |
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Numerator: |
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Net income (loss) |
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$ |
103,399 |
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$ |
23,670 |
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|
$ |
162,165 |
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$ |
10,391 |
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Adjustments for basic income (loss) per common share: |
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Dividend requirements on Series E Redeemable
Preferred |
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— |
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(10,213 |
) |
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— |
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(19,724 |
) |
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Dividend requirements on Series B Preferred |
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— |
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(60 |
) |
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— |
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(120 |
) |
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Dividend requirements on Series D Preferred |
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— |
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(15 |
) |
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— |
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(30 |
) |
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Accretion of Series E Redeemable Preferred |
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— |
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(513 |
) |
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— |
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(1,024 |
) |
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Net income attributable to participating securities |
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— |
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(223 |
) |
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— |
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— |
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Numerator for basic net income (loss) per common
share - net income (loss) attributable to common
stockholders |
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$ |
103,399 |
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$ |
12,646 |
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$ |
162,165 |
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$ |
(10,507 |
) |
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Dividends on Series B and Series D Preferred
assumed to be converted, if dilutive |
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— |
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|
75 |
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— |
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— |
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Numerator for diluted net income (loss) per common
share |
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$ |
103,399 |
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$ |
12,721 |
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$ |
162,165 |
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$ |
(10,507 |
) |
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Denominator: |
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Denominator for basic net income (loss) per common
share - adjusted weighted-average shares (1) |
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88,181 |
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|
37,031 |
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|
88,301 |
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37,162 |
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Effect of dilutive securities: |
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Convertible preferred stocks |
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— |
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1,192 |
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— |
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— |
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Unvested restricted stock and stock units |
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1,383 |
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|
964 |
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|
1,364 |
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— |
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Dilutive potential common shares |
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|
1,383 |
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|
2,156 |
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|
1,364 |
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— |
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Denominator for diluted net income (loss) per
common share - adjusted weighted-average
shares |
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89,564 |
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|
39,187 |
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|
89,665 |
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37,162 |
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Basic net income (loss) per common share |
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$ |
1.17 |
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$ |
0.34 |
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$ |
1.84 |
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$ |
(0.28 |
) |
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Diluted net income (loss) per common share |
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$ |
1.15 |
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$ |
0.32 |
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$ |
1.81 |
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$ |
(0.28 |
) |
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(1) |
Excludes the weighted-average shares of unvested restricted stock that are contingently issuable. |
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| Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share |
The following weighted-average shares of securities were not included in the computation of diluted net loss per common share as their effect would have been antidilutive:
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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|
2022 |
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|
2021 |
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|
2022 |
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|
2021 |
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|
Restricted stock and stock units |
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|
82,072 |
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|
— |
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|
41,037 |
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|
2,142,335 |
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Convertible preferred stocks |
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|
— |
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— |
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— |
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|
1,191,666 |
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Series E Redeemable Preferred - embedded derivative |
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— |
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|
303,646 |
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— |
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|
303,646 |
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Stock options |
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|
13,000 |
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|
81,274 |
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|
13,000 |
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|
94,390 |
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|
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|
95,072 |
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|
384,920 |
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|
54,037 |
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3,732,037 |
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