Net Income (Loss) per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Calculations for Basic 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.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Basic net income (loss) per common share:
Numerator:
Net income (loss)	$	519		$	2,540		$	(731	)	$	3,541
Less: accretion of Series B convertible preferred stock dividends		(304	)		(289	)		(902	)		(859	)
Net income (loss) available to common stockholders	$	215		$	2,251		$	(1,633	)	$	2,682

Denominator:
Weighted average common shares outstanding - basic		22,682			22,448			22,632			20,948
Net income (loss) per common share - basic	$	0.01		$	0.10		$	(0.07	)	$	0.13

Diluted net income (loss) per common share:
Numerator:
Net income (loss) available to common stockholders	$	215		$	2,251		$	(1,633	)	$	2,682
Plus: accretion of Series B convertible preferred stock dividends, if dilutive		—			289			—			—
Net income (loss) available to common stockholders	$	215		$	2,540		$	(1,633	)	$	2,682

Denominator:
Weighted average common shares outstanding - basic		22,682			22,448			22,632			20,948
Dilutive securities:
Stock options, RSUs, and warrants		633			925			—			913
Convertible preferred shares		—			5,957			—			—
Weighted average common shares outstanding - diluted		23,315			29,330			22,632			21,861
Net income (loss) per common share - diluted	$	0.01		$	0.09		$	(0.07	)	$	0.12

Common Stock Equivalents Excluded From Diluted Net Income (Loss) Per Share

The following common stock equivalents have been excluded from diluted net income (loss) per share for the three and nine months ended September 30, 2022 and 2021 because their inclusion would have been anti-dilutive (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Shares of common stock subject to outstanding RSUs		—		—		505		—
Shares of common stock subject to outstanding PSUs		75		175		75		175
Shares of common stock subject to outstanding stock options		—		2		506		2
Shares of common stock subject to outstanding warrants		—		—		275		—
Shares of common stock issuable upon conversion of Series B convertible preferred stock		6,255		—		6,255		5,957
Total		6,330		177		7,616		6,134