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

6 Months Ended

Jun. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted

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,
(in thousands, except per share amounts)	2024		2023		2024		2023
Numerator
Net income (loss) attributable to common shareholders for basic earnings per share	$	36,895	$	(17,000)	$	5,912	$	(40,023)
Add: Interest expense related to Convertible Notes (1)	3,074		—		—		—
Net income (loss) attributable to common shareholders for diluted earnings per share	$	39,969	$	(17,000)	$	5,912	$	(40,023)
Denominator
Weighted average common shares outstanding, basic	44,060		43,892		44,024		43,829
Add: Dilutive effect of RSUs	564		—		569		—
Add: Dilutive effect of Convertible Notes (1)	8,103		—		—		—
Weighted average common shares outstanding, diluted	52,727		43,892		44,593		43,829

Net income (loss) per share, basic	$	0.84	$	(0.39)	$	0.13	$	(0.91)
Net income (loss) per share, diluted	$	0.76	$	(0.39)	$	0.13	$	(0.91)

(1) The dilutive effect of the convertible notes was determined using the if-converted method. As the 2.75% Convertible Notes and 3.75% Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, the 2.75% Convertible Notes and 3.75% Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects are added back to the numerator of the calculation. For the 3.25% Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 3.25% Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.