Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2024

13. EARNINGS (LOSS) PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:


		For the Three Months Ended March 31,
		2024		2023
	(in thousands, except per share amounts)
Numerator:
Net income (loss) - basic		$	36,119	$	(516,755	)
Add: interest expense, net of tax, on the Company's convertible debt			429		—
Net income (loss) - diluted		$	36,548	$	(516,755	)
Denominator:
Weighted-average common shares outstanding, basic			93,991		88,186
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans			3,681		—
Common stock issuable under the Company's convertible debt			1,442		—
Weighted-average common shares outstanding, diluted			99,114		88,186
Earnings (loss) per common share, basic		$	0.38	$	(5.86	)
Earnings (loss) per common share, diluted		$	0.37	$	(5.86	)

The following table summarizes potential shares of common stock that were excluded from the computation of diluted earnings per share as they were anti-dilutive:


		For the Three Months Ended March 31,
		2024		2023
	(in thousands)
Common stock issuable under the Company's equity incentive plans			4,270		12,553
Common stock issuable under the Company's convertible debt			8,100		9,542
Total number of potentially issuable common stock			12,370		22,095