Weighted Average Shares Outstanding and Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Weighted Average Shares Outstanding and Net Loss Per Share

Weighted Average Shares Outstanding and Net Income (Loss) Per Share

The following table presents a reconciliation of the weighted average shares of common stock used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share:

	Three Months Ended June 30,				Six Months Ended June 30,
			As Restated				As Restated
(in thousands, except per share amounts)	2023		2022		2023		2022
Numerator (basic and diluted)
Net income (loss) attributable to common shareholders	$	(17,000)	$	18,681	$	(40,023)	$	(8,052)
Add: Interest expense related to Convertible Notes	—		1,468		—		—
Net income (loss) attributable to common shareholders for diluted earnings per share	$	(17,000)	$	20,149	$	(40,023)	$	(8,052)
Denominator
Weighted average common shares outstanding, basic	43,892		44,534		43,829		45,128
Add: Dilutive effect of RSUs	—		452		—		—
Add: Dilutive effect of Convertible Notes	—		7,309		—		—
Weighted average common shares outstanding, diluted	43,892		52,295		43,829		45,128
Net income (loss) per share, basic	$	(0.39)	$	0.42	$	(0.91)	$	(0.18)
Net income (loss) per share, diluted	$	(0.39)	$	0.39	$	(0.91)	$	(0.18)

Due to the net losses for the three and six months ended June 30, 2023 and six months ended June 30, 2022, RSUs representing 586,000, 584,000 and 493,000 shares, respectively, and the potential dilution from the convertible notes converting into 10,095,000, 10,095,000 and 7,309,000 shares of common stock for each period, respectively, have been excluded from the number of shares used in calculating diluted earnings per share, as their inclusion would have been antidilutive. In connection with the issuance of the 3.75% Convertible Notes, we entered into Capped Calls Transactions, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive.