Earnings per share

6 Months Ended

Jun. 30, 2023

Basic earnings per share (“EPS”) is computed by dividing the net income applicable to common stockholders for the period by the weighted average number of shares of common stock outstanding during the same period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, restricted stock units, and performance stock units. The dilutive effect of potentially dilutive securities is reflected in diluted EPS in order of dilution and by application of the treasury stock method and the if-converted method for stock-based compensation and convertible preferred securities, respectively.

The following table sets forth the computation of basic and diluted EPS of common stock as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands, except per share data)
Numerator for basic and diluted loss per share
Net income/(loss)	2,627		(13,186)		(5,343)		(15,853)

Denominator:
Weighted-average shares outstanding – basic	75,145		67,136		74,804		67,028
Net effect of dilutive stock options and restricted stock units	1,705		—		—		—
Weighted-average shares outstanding – diluted	76,850		67,136		74,804		67,028

Net income/(loss) per share
Basic	$	0.03	$	(0.20)	$	(0.07)	$	(0.24)
Diluted	$	0.03	$	(0.20)	$	(0.07)	$	(0.24)

The following table represents the number of share equivalents outstanding during the period that were excluded from the calculation of diluted net income/(loss) per share attributable to common stockholders because including them would have had an anti-dilutive effect.


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
	(in thousands)
Stock options to purchase common stock	2,118	4,380	4,827	4,280
Restricted stock units	138	2,178	1,942	1,817
Performance stock units	—	1,131	957	1,153
Total	2,256	7,689	7,726	7,250