Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

13. Net income (loss) per share

Basic net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the relevant period, without consideration for common stock equivalents. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of restricted stock units and stock options are reflected in diluted earnings per share by applying the treasury stock method.

The following table summarizes the calculation of basic and diluted net income (loss) per share of common stock:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022			2023			2022
	(in thousands, except per share amounts)
Basic earnings per common share:
Net income (loss) attributable to common stockholders	$	984	$	(85,120	)	$	(195,138	)	$	(189,033	)
Weighted-average number of common shares – basic		196,978		189,303			193,605			187,645
Basic earnings (loss) per common share	$	0.00	$	(0.45	)	$	(1.01	)	$	(1.01	)

Diluted earnings per common share:
Net income (loss) attributable to common stockholders	$	984	$	(85,120	)	$	(195,138	)	$	(189,033	)
Weighted-average number of common shares – basic		196,978		189,303			193,605			187,645
Effect of dilutive securities:
Stock options and restricted stock units		3,495		-			-			-
Weighted-average number of common shares – diluted		200,473		189,303			193,605			187,645
Diluted earnings (loss) per common share	$	0.00	$	(0.45	)	$	(1.01	)	$	(1.01	)

The following securities were excluded from the computation of net income (loss) per diluted share of common stock for periods presented as their effect would have been anti-dilutive:


	Nine Months Ended September 30,
	2023		2022
	(in thousands)
Options to purchase common stock		23,302		25,542
Unvested restricted common stock		-		806
Unvested RSUs		142		977
Total		23,444		27,325