Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of the Company's basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2023		2022		2023		2022
Basic net (loss) income per share:
Net (loss) income	$	(27,046)	$	13,280	$	(1,754)	$	104,793
Weighted-average common shares outstanding during the period	34,848,899		34,269,274		34,619,794		34,289,333
Basic net (loss) income per share	$	(0.78)	$	0.39	$	(0.05)	$	3.06


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2023		2022		2023		2022
Diluted net (loss) income per share:
Net (loss) income	$	(27,046)	$	13,280	$	(1,754)	$	104,793
Basic shares outstanding during the period	34,848,899		34,269,274		34,619,794		34,289,333
Plus: Common stock equivalents associated with stock-based compensation	—		1,542,199		—		2,409,062
Diluted shares outstanding	34,848,899		35,811,473		34,619,794		36,698,395
Diluted net (loss) income per share	$	(0.78)	$	0.37	$	(0.05)	$	2.86

Schedule of Computation of Diluted Shares Outstanding

The computation of diluted shares outstanding excluded the following share amounts as their effect would have been anti-dilutive for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Outstanding RSUs	—	—	218,804	175,245
Outstanding PSUs	147,914	331,358	238,655	394,474
Outstanding ESPP shares	38,581	26,391	64,091	19,828
Outstanding stock warrants	—	5,237,415	3,489,662	1,745,805