Net (Loss) Income Per Share

12 Months Ended

Dec. 31, 2021

16. Net (Loss) Income per Share

The Company computes net (loss) income per share in accordance with ASC 260-10, Earnings per Share (see Note 2, Summary of Significant Accounting Policies – (Loss) Income per Share).

The denominators used in the net (loss) income per share computations are as follows:



	Year Ended December 31,
	2021	2020	2019
Basic:
Weighted average common shares outstanding	50,718,765	47,413,250	42,669,333
Diluted:
Weighted average common shares outstanding - Basic	50,718,765	47,413,250	42,669,333
Common stock equivalents*	—	501,780	—
Denominator for diluted net (loss) income per share	50,718,765	47,915,030	42,669,333

*	For the year end December 31, 2020, common stock equivalents include dilutive stock options and restricted stock units. For the years ended December 31, 2021 and 2019, no amounts were considered as their effects would have been anti-dilutive due to net losses for those periods.

Basic and diluted net (loss) income per share is computed as follows:



	Year Ended December 31,
	2021		2020		2019
Net (loss) income - basic and diluted	$	(88,441)	$	8,410	$	(106,373)

Weighted-average common shares outstanding - basic		50,718,765		47,413,250		42,669,333
Effect of dilutive securities:
Stock options		—		481,254		—
Restricted stock units		—		20,526		—
Weighted-average common shares outstanding - diluted		50,718,765		47,915,030		42,669,333

Net (loss) income per share:
Basic	$	(1.74)	$	0.18	$	(2.49)
Diluted	$	(1.74)	$	0.18	$	(2.49)

As of December 31, 2021, 6,512,280 stock options and 576,544 restricted stock units were outstanding, which could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted net loss per share because to do so would have been anti-dilutive as a result of the net loss for the period.

As of December 31, 2020, 5,469,393 stock options and 235,250 restricted stock units were outstanding, which could potentially dilute basic earnings per share in the future. 481,254 of these outstanding stock options and 20,526 of these restricted stock units were considered dilutive and included in the computation of diluted net income per share for the year ended December 31, 2020.

As of December 31, 2019, 4,450,517 stock options and 119,834 restricted stock units were outstanding, which could potentially dilute basic earnings per share in the future, but were not included in the computation of diluted net loss per share because to do so would have been anti-dilutive as a result of the net loss for the period.