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

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 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	$	35,043	$	(91,162	)	$	23,309	$	(153,127	)
Denominator
Weighted average common shares outstanding, basic		45,821		45,654			45,773		45,598
Dilutive effect of RSUs (1)		563		—			523		—
Dilutive effect of 2.75% Convertible Notes (2)		1,522		—			1,226		—
Weighted average common shares outstanding, diluted		47,906		45,654			47,522		45,598
Net income (loss) per share, basic	$	0.76	$	(2.00	)	$	0.51	$	(3.36	)
Net income (loss) per share, diluted	$	0.73	$	(2.00	)	$	0.49	$	(3.36	)

(1) Due to the net losses for the three and nine months ended  September 30, 2020, RSUs representing approximately 636,000 and 580,000 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) The number of shares used in calculating diluted net loss per share for the three and nine months ended September 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.