Net Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

Basic net earnings (loss) per share is computed by dividing the net earnings (loss) for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net earnings (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 warrants 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 earnings (loss) per share calculation (in thousands, except per share data) for the three and six months ended June 30, 2024, and 2023:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	22,122	$	(24,836)	$	3,416	$	(48,654)
Income (loss) from continuing operations	$	23,073	$	(22,604)	$	9,538	$	(42,639)
Loss from discontinued operations, net of income taxes and loss on sale of discontinued operations	$	(951)	$	(2,232)	$	(6,122)	$	(6,015)
Weighted average number of shares outstanding:
Basic	37,659		31,222		37,528		31,132
Dilutive effect of equity based awards and warrants	376		—		94		—
Diluted	38,035		31,222		37,622		31,132
Net earnings (loss) per share - basic
Continuing operations	$	0.61	$	(0.72)	$	0.25	$	(1.37)
Discontinued operations	$	(0.03)	$	(0.07)	$	(0.16)	$	(0.19)
Net earnings (loss) per share - diluted
Continuing operations	$	0.61	$	(0.72)	$	0.25	$	(1.37)
Discontinued operations	$	(0.03)	$	(0.07)	$	(0.16)	$	(0.19)

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


	Three months ended June 30,		Six months ended June 30,
	2024	2023	2024	2023
Outstanding stock options	1,219	1,255	1,244	1,388
Unvested restricted stock units	6,273	2,534	7,063	1,182
Outstanding Warrants	6,100	—	6,100	—