Net Income Per Share

3 Months Ended

Mar. 31, 2022

9. Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income (loss) per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method.

The components of basic and diluted net income (loss) per share are as follows:


	Three Months Ended March 31,
(In thousands, except per share data)	2022		2021
Numerator:
Net income (loss)	$	10,040	$	(8,915	)
Denominator:
Weighted average shares - basic		156,130		162,297
Common stock equivalents		4,619		—
Weighted average shares - diluted		160,749		162,297
Net income (loss) per share - basic	$	0.06	$	(0.05	)
Net income (loss) per share - diluted	$	0.06	$	(0.05	)
Antidilutive shares excluded from diluted net income (loss) per share:
Contingently issuable shares (1)		5,000		5,000
Public warrants		—		13,333
Private placement warrants		6,667		6,667
Non-qualified stock options		710		1,205
Performance share units		—		229
Restricted stock units		32		2,582
Total antidilutive shares excluded		12,409		29,016

(1) Contingently issuable shares relate to the earn-out agreement as discussed in Note 12, Related Party Transactions.