(Loss) Earnings per Share

6 Months Ended

Jun. 30, 2024

Loss per Share

We did not repurchase any shares of our common stock during the second quarter or first six months of 2024 or 2023.

The following table presents a reconciliation of the numerator and denominator of basic and diluted loss per share for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(Dollars in thousands, except per share amounts)
Numerator for basic and diluted loss per share:
Net loss	$	(14,752)	$	(7,851)	$	(45,621)	$	(15,220)
Denominator:
Weighted average common shares outstanding for basic calculation	257,772,069		257,003,691		257,587,613		256,935,763
Add: Effect of equity awards	—		—		—		—
Weighted average common shares outstanding for diluted calculation	257,772,069		257,003,691		257,587,613		256,935,763
Basic loss per share	$	(0.06)	$	(0.03)	$	(0.18)	$	(0.06)
Diluted loss per share	$	(0.06)	$	(0.03)	$	(0.18)	$	(0.06)

Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding, which included 605,204 and 535,921 shares of participating securities in the three and six months ended June 30, 2024, respectively, and 256,682 and 245,277 shares of participating securities in the three and six months ended June 30, 2023,

respectively. Diluted loss per share is calculated by dividing net loss by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued.

The weighted average common shares outstanding for the diluted loss per share calculation for the three and six months ended June 30, 2024 excludes the dilutive effect of approximately 2,543 and 1,490 shares, respectively, and 15,461 and 11,211 shares for the three and six months ended June 30, 2023, respectively, primarily related to restricted stock units (“RSUs”), as their inclusion would have been anti-dilutive due to the Company’s net loss.

Additionally, the weighted average common shares outstanding for the diluted loss per share calculation excludes consideration of 5,671,092 and 4,574,726 equivalent shares for the three and six months ended June 30, 2024, respectively, and 3,905,182 and 3,423,368 equivalent shares for the three and six months ended June 30, 2023, respectively, as their effect would have been anti-dilutive.