Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2022

Net Income (Loss) per Share

Net Income (Loss) per Share

Note 13. Net Income (Loss) per Share

Basic net income (loss) per share is computed using the weighted average number of common shares outstanding during the periods less shares of common stock subject to repurchase and non-vested stock awards. Diluted net income (loss) per share is computed using the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding during the periods. The dilutive effect of outstanding stock options and restricted stock awards is reflected in diluted earnings per share by application of the treasury stock method. Potentially dilutive common shares consist of common shares issuable upon the exercise of stock options. Potentially dilutive common shares are excluded in net loss periods, as their effect would be anti-dilutive.

A reconciliation of the numerators and denominators of the basic and diluted net income per share calculations is as follows (in thousands, except per share data):

	Year ended
	December 31,
	2022		2021		2020
Numerator:
Net income attributable to AXT, Inc.	$	15,811	$	14,575	$	3,238
Less: Preferred stock dividends		(177)		(177)		(177)
Net income available to common stockholders	$	15,634	$	14,398	$	3,061
Denominator:
Denominator for basic net income per share - weighted-average common shares		42,104		41,367		40,152
Effect of dilutive securities:
Common stock options		333		803		602
Restricted stock awards		278		550		271
Denominator for dilutive net income per common shares		42,715		42,720		41,025
Net income attributable to AXT, Inc. per common share:
Basic	$	0.37	$	0.35	$	0.08
Diluted	$	0.37	$	0.34	$	0.07
Options excluded from diluted net income per share as the impact is anti-dilutive		220		21		862
Restricted stock excluded from diluted net income per share as the impact is anti-dilutive		291		118		161