NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2023

14. NET INCOME (LOSS) PER SHARE

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss)	$	(73,493)	$	7,147	$	(83,800)	$	17,270

Less: Preferred stock dividends—issued	—		1,697		—		1,697
Undistributed income (loss)	(73,493)		5,450		(83,800)		15,573
Less: Undistributed income (loss) allocated to participating securities	—		410		—		1,332
Net income (loss) attributable to common stockholders	$	(73,493)	$	5,040	$	(83,800)	$	14,241






Denominator:
Weighted average shares of common stock outstanding—basic	45,200		43,072		45,134		43,062
Effect of dilutive securities:
Restricted stock awards	—		87		—		159
Weighted average shares of common stock outstanding—diluted	45,200		43,159		45,134		43,221







Net income (loss) per share of common stock:
Basic	$	(1.63)	$	0.12	$	(1.86)	$	0.33
Diluted	$	(1.63)	$	0.12	$	(1.86)	$	0.33

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,
	2023	2022	2023	2022
Restricted stock units	1,467	689	1,467	597
Employee stock purchase plan	110	101	110	83