EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2024

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, the Company calculates 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. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. As the Company has reported a net loss for the year ended December 31, 2024, diluted net loss per share attributable to common shareholders is the same as basic net loss per share attributable to common shareholders for this period.

Earnings (loss) per share for the years ended December 31, 2024, 2023, and 2022 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,
	2024		2023		2022		2024		2023		2022
Net (loss) income available to common shareholders	$	(20,147)	$	17,154	$	(49,521)	$	(20,147)	$	17,154	$	(49,521)
Earnings allocated to participating securities	—		(1,679)		—		—		(1,663)		—
Net (loss) income available to common shareholders	$	(20,147)	$	15,475	$	(49,521)	$	(20,147)	$	15,491	$	(49,521)
Basic Weighted-Average Shares Outstanding	19,318		18,001		16,260		19,318		18,001		16,260
Dilutive effect of stock options, ESPP, and performance stock units							—		193		—
Diluted Weighted-Average Shares Outstanding							19,318		18,194		16,260

(Loss) earnings per share	$	(1.04)	$	0.86	$	(3.05)	$	(1.04)	$	0.85	$	(3.05)

The number of anti-dilutive shares, which have been excluded from the computation of diluted earnings (loss) per share, were 2.3 million, 2.4 million, and 2.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. For the years ended December 31, 2024 and 2022, all potentially dilutive shares were anti-dilutive and excluded from the calculation of diluted loss per share because the Company reported a net loss.