EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

NOTE 12 – NET EARNINGS (LOSS) PER SHARE

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

	Year Ended December 31,
(In thousands, except share data)	2021		2022		2023
Numerator:
Net income (loss)	$	(27,582)	$	(14,927)	$	8,312
Add:
Financial expenses of 2024 Notes*						(1,168)
Net income (loss) for diluted calculation	$	(27,582)	$	(14,927)	$	7,144
Denominator:

Weighted average shares of Common Stock outstanding for basic calculation	44,140,233	48,472,159	67,512,527
Weighted average dilutive effect of 2024 Notes			13,335,430
Weighted average dilutive effect of stock options			1,576,059
Weighted average shares of Common Stock outstanding for diluted calculation	44,140,233	48,472,159	82,424,016

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

Diluted loss per share do not include 28,502,017 and 34,097,716 shares of Common Stock underlying outstanding stock options, warrants and convertible notes of the Company for the years ended December 31, 2021 and December 31, 2022, respectively, because the effect would be anti-dilutive. In the year ended December 31, 2023, the diluted earnings per share do not include 18,254,264 shares of Common Stock underlying outstanding warrants and stock options because the effect would be anti-dilutive.