Net Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2021

12. Net Income (Loss) per Common Share

Basic net income (loss) per common share is computed by dividing net income (loss) available to common stockholders during the period by the weighted average number of common shares outstanding during that period. Diluted net income (loss) per common share is impacted by equity instruments considered to be potential common shares, if dilutive, computed using the treasury stock or the if-converted method of accounting.

The calculations for basic and diluted net income (loss) per common share for the three and six months ended June 30, 2021 and June 30, 2021 are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Basic net income (loss) per common share:
Numerator:
Net income (loss)	$	2,466		$	(2,749	)	$	1,001		$	(4,796	)
Accretion of Series B convertible preferred stock dividends		(286	)		(272	)		(570	)		(543	)
Net income (loss) available to common stockholders	$	2,180		$	(3,021	)	$	431		$	(5,339	)

Denominator:
Weighted average common shares outstanding - basic		21,908			17,941			20,185			17,730
Net income (loss) per common share - basic	$	0.10		$	(0.17	)	$	0.02		$	(0.30	)

Diluted net income (loss) per common share:
Numerator:
Net income (loss) available to common stockholders	$	2,180		$	(3,021	)	$	431		$	(5,339	)
Plus: accretion of Series B convertible preferred stock dividends, if dilutive		286			—			—			—
Net income (loss) available to common stockholders	$	2,466		$	(3,021	)	$	431		$	(5,339	)

Denominator:
Weighted average common shares outstanding - basic		21,908			17,941			20,185			17,730
Dilutive securities:
Stock options, RSUs, PSUs, and warrants		958			—			907			—
Convertible preferred shares		5,885			—			—			—
Weighted average common shares outstanding - diluted		28,751			17,941			21,092			17,730
Net income (loss) per common share - diluted	$	0.09		$	(0.17	)	$	0.02		$	(0.30	)

The following common stock equivalents have been excluded from diluted net income (loss) per share for the three and six months ended June 30, 2021 and 2020 because their inclusion would have been anti-dilutive (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Shares of common stock subject to outstanding RSUs		—		1,119		—		1,119
Shares of common stock subject to outstanding PSUs		177		—		177		—
Shares of common stock subject to outstanding stock options		6		554		6		554
Shares of common stock subject to outstanding warrants		—		315		—		315
Shares of common stock issuable upon conversion of Series B convertible preferred stock		—		5,604		5,885		5,604
Total		183		7,592		6,068		7,592