Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

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

	Three Months Ended March 31,
	2023		2022
Net loss	$	(19,565)	$	(12,414)
Weighted average common shares outstanding, basic and diluted	88,647		95,924
Net loss per share, basic and diluted	$	(0.22)	$	(0.13)

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted loss per share at March 31, 2023 and 2022 (in thousands):

	March 31,
	2023	2022
Options to purchase common stock	4,550	5,720
Non-vested restricted stock unit awards	13,795	11,490
Total shares excluded from net loss per share	18,345	17,210

Share Repurchase Program

In July 2020, the Company’s board of directors authorized an open market stock repurchase program (the “Program”) of up to $75 million to allow for the repurchase of shares of the Company’s common stock through September 30, 2022. In May 2021, the Company’s board of directors increased the authorization of the Program by an additional $75 million, bringing the total authorization to $150 million. In July 2022, the Company’s board of directors extended the expiration of the Program until September 30, 2024. The timing and amount of any repurchases will be determined by Company management based on its evaluation of market conditions and other factors. Repurchases of the Company’s common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws, open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. The Program may be suspended or discontinued at any time and does not obligate the Company to purchase any minimum number of shares. The Company had no share repurchases during three months ended March 31, 2023. As of March 31, 2023, the Company had a remaining authorization of $45.8 million for future share repurchases.