NET INCOME LOSS PER SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share, Policy [Policy Text Block]

14. NET INCOME PER SHARE

Our Series A-1 preferred stock and Series B preferred stock (collectively, the "preferred shares") are considered participating securities, and as a result, net income per share is calculated using the two-class method. Under this method, we give effect to preferred dividends and then allocate remaining net income attributable to our stockholders to both common shares and participating securities (based on the percentages outstanding) in determining net income per common share.

Basic net income per common share is computed by dividing net income attributable to common shares (after allocating between common shares and participating securities) by the weighted average number of common shares outstanding during the period.

Diluted net income per share is computed by dividing net income attributable to common shares (after allocating between participating securities and common shares) by the weighted average number of common and potential common shares outstanding during the period (after allocating total dilutive shares between our common shares outstanding and our preferred shares outstanding). Potential common shares, comprising incremental common shares issuable from the employee stock purchase plan and restricted stock awards are included in the calculation of diluted net income per common share to the extent such shares are dilutive.

The following table sets forth the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Numerator:
Income from continuing operations	$	7,147	$	82,405	$	17,270	$	108,423

Less: Preferred stock dividends—issued	1,697		182		1,697		365
Undistributed income from continuing operations	5,450		82,223		15,573		108,058
Less: Undistributed income allocated to participating securities	410		7,882		1,332		10,373
Net income from continuing operations attributable to common stockholders	$	5,040	$	74,341	$	14,241	$	97,685

Income from discontinued operations	$	—	$	227,506	$	—	$	217,581
Less: Undistributed income allocated to participating securities	—		21,810		—		20,886
Net income from discontinued operations attributable to common stockholders	—		205,696		—		196,695
Net income attributable to common stockholders	$	5,040	$	280,037	$	14,241	$	294,380

Denominator:
Weighted average shares of common stock outstanding—basic	43,072		43,009		43,062		42,948
Effect of dilutive securities:
Restricted stock awards	87		305		159		369
Weighted average shares of common stock outstanding—diluted	43,159		43,314		43,221		43,317

Net income from continuing operations per share of common stock:
Basic	$	0.12	$	1.73	$	0.33	$	2.27
Diluted	$	0.12	$	1.72	$	0.33	$	2.26
Net income from discontinued operations per share of common stock:
Basic	$	—	$	4.78	$	—	$	4.58
Diluted	$	—	$	4.75	$	—	$	4.54
Net income per share of common stock:
Basic	$	0.12	$	6.51	$	0.33	$	6.85
Diluted	$	0.12	$	6.47	$	0.33	$	6.80

The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands):


	Three months ended June 30,		Six months ended June 30,
	2022	2021	2022	2021
Restricted stock units	689	282	597	283
Employee stock purchase plan	101	—	83	—