Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of basic and diluted earnings (loss) per share

The calculation of the basic and diluted earnings (loss) per share for the years ended December 31, 2023 and 2022 is as follows (in thousands):


	Year ended December 31,
	2023		2022
Numerator:
Net income (loss) for basic earnings per share	$	24,713	$	(42,305)
Adjustments to net income (loss) available to shareholders for diluted earnings
Paid-in-Kind interest expense on convertible notes payable and contract consideration convertible notes payable, net of tax	2,284		—
Valuation gain on convertible notes carried at fair value, net of tax	(29,969)		—
Net loss for fully dilutive earnings per share	$	(2,972)	$	(42,305)

Denominator:
Basic weighted average shares outstanding	24,830		12,404
Dilutive effect of convertible notes payable	3,547		—
Diluted weighted average shares outstanding	28,377		12,404

Basic earnings (loss) per share	$	1.00	$	(3.41)
Diluted loss per share	$	(0.10)	$	(3.41)

The table below summarizes net income items that were excluded from the numerator for the diluted earnings calculation and shares that were excluded from the denominator for the diluted earnings calculation due to their anti-dilutive effects on earnings (loss) per share (in thousands):


	Year ended December 31,
	2023		2022
Anti-dilutive adjustment to net income available to shareholders excluded from numerator for diluted earnings computation
Paid-in-Kind interest expense on convertible notes payable and contract consideration convertible notes payable, net of tax	$	—	$	5,956
Valuation gain on convertible notes carried at fair value, net of tax	—		(75)
Total numerator adjustment excluded from diluted earnings computation	$	—	$	5,881

Anti-dilutive incremental shares excluded from denominator for diluted earnings computation
Average number of diluted shares for convertible notes payable and contract consideration convertible notes payable	—		9,108
Average number of diluted shares for stock warrants	1,251		802
Average number of diluted shares for stock options and restricted stock	94		128
Total incremental shares excluded from denominator for diluted earnings computation	1,345		10,038