EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2023

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 6 – EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted average number of shares of the Company’s Common Stock outstanding during each period.

Diluted earnings per share is calculated by dividing the net income by the weighted-average number of shares of Common Stock outstanding during each period increased to include the number of additional shares of Common Stock that would have been outstanding if the potentially dilutive shares had been issued.

In computing diluted earnings per share, basic earnings per share are adjusted to take into account the potential dilution that could occur upon: (i) the exercise of options granted under employee stock compensation plans using the treasury stock method; (ii) the exercise of warrants using the treasury stock method; and (iii) the conversion of the convertible notes using the “if-converted” method.

Basic and diluted net earnings (loss) per share attributable to common stockholders were calculated as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and per share data)		2023		2022		2023		2022
Numerator:
Net income (loss)	$	19,339	$	(5,334)	$	16,208	$	(7,620)
Add:
Financial expenses of 2024 Notes*	$	(1,749)		—	$	(2,053)		—
Net income (loss) for diluted calculation	$	17,590	$	(5,334)	$	14,155	$	(7,620)
Denominator:
Weighted average shares of Common Stock outstanding for basic calculation		67,158,628		47,327,952		62,378,745		46,589,976
Weighted average dilutive effect of 2024 Notes		14,355,621		—		15,274,121		—
Weighted average dilutive effect of stock options		1,555,307		—		1,243,354		—
Weighted average dilutive effect of warrants		131,085		—		—		—
Weighted average shares of Common Stock outstanding for diluted calculation		83,200,641		47,327,952		78,896,220		46,589,976

* Financial expenses on 2024 Notes consists of add back of financial expense incurred during the period and inclusion of make-whole interest payments that will be incurred upon conversion.

Diluted earnings (loss) per share do not include 16,158,086 shares of Common Stock underlying outstanding stock options and warrants of the Company for the six months ended June 30, 2023 because the effect would be anti-dilutive.

Diluted earnings (loss) per share do not include 1,896,733 shares of Common Stock underlying outstanding stock options of the Company for the three months ended June 30, 2023 because the effect would be anti-dilutive.

Diluted earnings (loss) per share do not include 32,960,732 and 32,982,043 shares of Common Stock underlying outstanding stock options, warrants and the 2024 Notes for the three and six months ended June 30, 2022, respectively, because the effect would be anti-dilutive.