Net Income Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income (loss)	$	29,641	$	3,992	$	39,681	$	(4,923	)
Denominator:
Weighted average shares - basic		154,694		162,378		155,408		162,338
Common stock equivalents		5,650		3,650		6,099		—
Weighted average shares - diluted		160,344		166,028		161,507		162,338
Net income (loss) per share - basic	$	0.19	$	0.02	$	0.26	$	(0.03	)
Net income (loss) per share - diluted	$	0.15	$	0.02	$	0.23	$	(0.03	)
Antidilutive shares excluded from diluted net income (loss) per share:
Contingently issuable shares (1)		5,000		5,000		5,000		5,000
Public warrants		—		—		—		13,333
Private placement warrants		—		6,667		—		6,667
Non-qualified stock options		1,502		1,039		1,502		1,185
Performance share units		179		—		179		229
Restricted stock units		1,007		26		1,007		2,559
Total antidilutive shares excluded		7,688		12,732		7,688		28,973

(1) Contingently issuable shares relate to the earn-out agreement as discussed in Note 13, Other Significant Transactions.