Note 14 - Weighted Average Shares Outstanding and Net Loss Per Share

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

14.  Weighted Average Shares Outstanding and Net Loss Per Share

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

	Three Months Ended March 31,
(in thousands, except per share amounts)	2021			2020
Numerator (basic and diluted)
Net loss allocated to common shareholders for basic calculation	$	(66,195	)	$	(65,370	)
Denominator
Weighted average common shares outstanding, basic		45,697			45,520
Dilutive effect of RSUs and 2.75% Convertible Notes (1),(2)		—			—
Weighted average common shares outstanding, diluted		45,697			45,520
Net loss per share, basic	$	(1.45	)	$	(1.44	)
Net loss per share, diluted	$	(1.45	)	$	(1.44	)

(1) Due to the net losses for the three months ended March 31, 2021 and 2020, RSUs representing approximately 554,000 and 443,000 shares, respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. 

(2) Although the average price of our common stock for the period was greater than $31.47 per share, due to the net loss for the three months ended March 31, 2021, approximately 498,000 shares from the 2.75% Convertible Notes converting into shares of common stock have been excluded from the number of shares used in calculating diluted net loss per share as their inclusion would be antidilutive. The number of shares used in calculating diluted net loss per share for the three months ended March 31, 2020 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock due to the net loss for the period and as the average price of our common stock was below $31.47 per share since the issuance date of the 2.75% Convertible Notes.