EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

For periods of net income, and when the effects are not anti-dilutive, we calculate diluted earnings (loss) per share by dividing net income available to common stockholders by the weighted-average number of shares outstanding plus the impact of all potential dilutive common shares, consisting primarily of common stock options, shares to be purchased under our ESPP, and performance stock units, using the more dilutive of the treasury stock or the two-class method. For periods of net loss, diluted loss per share is calculated similarly to basic loss per share.

Unvested restricted shares and Series A convertible preferred stock shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; in periods of net income, the calculation of basic and diluted earnings (loss) per share excludes from the numerator net income (but not net loss) attributable to the unvested restricted shares and the common shares assumed converted from the preferred shares and excludes the impact of those shares from the denominator.

Earnings (loss) per share for the years ended December 31, 2023, 2022, and 2021 are calculated for basic and diluted earnings (loss) per share as follows:


	Basic						Diluted
(in thousands, except per share amounts)	Years Ended December 31,						Years Ended December 31,
	2023		2022		2021		2023		2022		2021
Net income (loss) available to common shareholders	$	17,154	$	(49,521)	$	(42,793)	$	17,154	$	(49,521)	$	(42,793)
Earnings allocated to participating securities	(1,679)		—		—		(1,663)		—		—
Net income (loss) available to common shareholders	$	15,475	$	(49,521)	$	(42,793)	$	15,491	$	(49,521)	$	(42,793)
Basic Weighted-Average Shares Outstanding	18,001		16,260		12,596		18,001		16,260		12,596
Dilutive effect of stock options, ESPP, and performance stock units							193		—		—
Diluted Weighted-Average Shares Outstanding							18,194		16,260		12,596

Earnings (loss) per share	$	0.86	$	(3.05)	$	(3.40)	$	0.85	$	(3.05)	$	(3.40)

The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings (loss) per share, were 2.4 million, 2.6 million, and 1.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. For the years ended December 31, 2022 and 2021, all potentially dilutive shares were anti-dilutive and excluded from the calculation of diluted loss per share because the Company reported a net loss.