Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2023

(11) Net Loss Per Share

Basic net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common stock equivalents are excluded if their effect is antidilutive. Potential common stock equivalents are composed of incremental shares of common stock issuable upon the exercise of stock options and the vesting of restricted stock units. In periods when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported, basic and dilutive loss per share are the same.

The following table is a reconciliation of the numerator and denominator in the basic and diluted net loss per share calculation (in thousands, except per share data) for the three months ended March 31, 2023, and 2022:


	Three months ended March 31,
	2023
	(As Restated)		2022
Net loss	$	(23,817)	$	(7,586)
Weighted average number of shares outstanding:
Basic	31,045		27,530
Effect of dilutive securities:
Stock options, restricted stock units and share awards	—		—
Diluted	31,045		27,530
Net loss per share:
Basic	$	(0.77)	$	(0.28)
Diluted	$	(0.77)	$	(0.28)

The following table sets forth potential common stock that is not included in the diluted net loss per share calculation above because their effect would be anti-dilutive for the periods indicated (in thousands):


	Three months ended March 31,
	2023	2022
Outstanding stock options	563	939
Unvested restricted stock units	500	278