Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. The Company had a net loss for the three months ended September 30, 2022 and 2021. Therefore, the effect of stock-based awards including options, restricted stock and restricted stock units outstanding at September 30, 2022 and 2021 were excluded in the computation of diluted loss per share because their inclusion would have been anti-dilutive.

The following table is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net loss per share:

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022	2021	2022	2021
Basic weighted-average number of shares of common stock outstanding	52,400	51,583	52,077	51,323
Effect of dilutive options, restricted stock and restricted stock units	—	—	—	—
Diluted weighted-average number of shares of common stock outstanding	52,400	51,583	52,077	51,323

The following represents the weighted average number of shares that could potentially dilute basic earnings per share in the future:

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2022	2021	2022	2021
Convertible preferred stock	33,324	31,242	32,731	30,955
Stock-based compensation awards(1):
Stock options	1,555	1,446	1,526	1,114
Restricted stock awards and restricted stock units	5,165	3,790	4,633	3,214

(1) SARs and phantom stock awards are payable in cash and will therefore have no impact on number of shares.