Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

We compute basic earnings (loss) per share using net income (loss) attributable to 3D Systems Corporation and the weighted average number of common shares outstanding during the applicable period. Diluted earnings (loss) per share incorporates the additional shares issuable upon assumed exercise of stock options and the assumed vesting of restricted stock and RSUs, except in such case when their inclusion would be anti-dilutive.


	Year Ended December 31,
(in thousands, except per share amounts)	2021		2020		2019
Numerator for basic and diluted net earnings (loss) per share:
Net income (loss) attributable to 3D Systems Corporation	$	322,052	$	(149,594)	$	(69,880)

Denominator for net earnings (loss) per share:
Weighted average shares - basic	122,867		117,579		113,811
Dilutive effect of shares issuable under stock based compensation and other plans(1)	3,467		—		—
Weighted average shares - diluted	126,334		117,579		113,811
Anti-dilutive shares of restricted share awards which are excluded from the dilutive shares above(2)	1,779		3,960		5,822

Net income (loss) per share - basic	$	2.62	$	(1.27)	$	(0.61)
Net income (loss) per share - diluted	$	2.55	$	1.27	$	(0.61)

(1) The dilutive impact of share awards is 2,755 shares for which the calculation requires certain assumptions regarding assumed proceeds that will hypothetically repurchase unvested restricted shares and outstanding stock options and an estimate of 712 shares for the payment of accrued incentive compensation that will be settled in shares. The share estimate is based on the accrued incentive compensation balance at the end of the year divided by the average 2021 share price.

(2) Excludes the impact of shares contingently issuable upon the achievement of certain milestones in the Volumetric acquisition as discussed in Note 3. The 2020 and 2019 amounts represent outstanding equity awards that are anti-dilutive because we had a net loss in both years.

On November 16, 2021 the Company issued $460.0 million in aggregate principal amount of its 0% Convertible Senior Notes due November 15, 2026 as discussed in Note 14. The Notes’ impact to diluted shares will be calculated using the if-converted method as prescribed in ASU 2020-06. The Notes will increase the diluted share count when the average share price over a quarterly or annual reporting period is greater than $35.92, the conversion price of the Notes. For the year ended December 31, 2021 the Notes were anti-dilutive.

On August 5, 2020, we entered into an Equity Distribution Agreement for an At-The-Market equity offering program (“ATM Program”) where we may issue and sell, from time to time, shares of our common stock. Our ATM Program allowed for an aggregate gross sales price of up to a total of $150,000, depending upon market conditions and our liquidity requirements, through Truist Securities, Inc. and HSBC Securities (USA) Inc. For the year ended December 31, 2020, we sold 4,616 shares of our common stock under our ATM Program for net proceeds of $24,664, net of $849 in fees, commissions and other costs. As of December 31, 2020, we had $124,487 in availability remaining under the ATM Program. On January 6, 2021, we terminated the ATM Program.