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

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

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

The following table presents a reconciliation of the weighted average shares outstanding 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)	2021		2020		2021			2020
Numerator (basic and diluted)
Net income (loss) allocated to common shareholders for basic calculation	$	54,461	$	3,405	$	(11,734	)	$	(61,965	)
Denominator
Weighted average common shares outstanding, basic		45,798		45,620		45,748			45,570
Dilutive effect of RSUs (1)		454		661		—			—
Dilutive effect of 2.75% Convertible Notes (2)		1,546		—		—			—
Weighted average common shares outstanding, diluted		47,798		46,281		45,748			45,570
Net income (loss) per share, basic	$	1.19	$	0.07	$	(0.26	)	$	(1.36	)
Net income (loss) per share, diluted	$	1.14	$	0.07	$	(0.26	)	$	(1.36	)

(1) Due to the net losses for the six months ended June 30, 2021 and 2020, RSUs representing approximately 503,000 and 552,000 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 the initial conversion price of $31.47 per share, due to the net loss for the six months ended June 30, 2021, approximately 1.0 million shares related to 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 income (loss) per share for the three and six months ended June 30, 2020 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock as the average price of our common stock was below $31.47 per share for those periods.