Net (Loss) Earnings Per Share

3 Months Ended

Mar. 31, 2024

Basic net (loss) earnings per share is calculated by dividing net (loss) income by the weighted-average number of common shares.

The following table reconciles the basic to diluted weighted average shares outstanding for the three months ended March 31, 2024 and 2023. Diluted EPS is adjusted by the effect of dilutive securities, including options and awards under the Company’s equity compensation plans, warrants and ESPP. As a result of the Company’s net loss incurred for the three months ended March 31, 2024, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations. Therefore, basic and diluted net loss per share are the same for the three months ended March 31, 2024 as reflected below.


	Three Months Ended March 31,
	2024		2023
Numerator:
Net (loss) income	$	(12,828)	$	8,068
Denominator:
Weighted-average number of common shares – basic	73,614,710		55,631,947
Effect of stock options (a)	—		5,774,772
Effect of restricted stock units (b)	—		1,821,738
Effect of warrants (c)	—		10,564,429

Weighted-average number of common shares – diluted	73,614,710		73,792,886
(Loss) Earnings per share attributable to common stockholders:
(Loss) Earnings per common share – basic	$	(0.17)	$	0.15
(Loss) Earnings per common share – diluted	$	(0.17)	$	0.11

(a)For the three months ended March 31, 2024, outstanding stock options of 6,169,489 shares of Common Stock were anti-dilutive and excluded from the computation of diluted EPS.

(b)For the three months ended March 31, 2024, outstanding restricted stock units of 3,918,451 shares of Common Stock were anti-dilutive and excluded from the computation of diluted EPS.

(c)For the three months ended March 31, 2024, outstanding warrants of 4,624,977 shares of Common Stock, respectively, were anti-dilutive and excluded from the computation of diluted EPS.

(d)For the three months ended March 31, 2024 and 2023, the estimated effects of ESPP awards were not material.