Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Calculation of Basic and Diluted Net Income (Loss) Per Share of Common Stock

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	(in thousands, except per share amounts)
Basic earnings per common share:
Net income (loss)	$	(72,465	)	$	18,683		$	(103,913	)	$	(161,934	)
Less: net income allocated to participating securities⁽¹⁾		-			(749	)		-			-
Net income (loss) attributable to common stockholders	$	(72,465	)	$	17,934		$	(103,913	)	$	(161,934	)
Weighted-average number of common shares - basic		187,626			179,899			186,801			149,683
Basic earnings (loss) per common share	$	(0.39	)	$	0.10		$	(0.56	)	$	(1.08	)

Diluted earnings per common share:
Net income (loss)	$	(72,465	)	$	18,683		$	(103,913	)	$	(161,934	)
Less: net income allocated to participating securities⁽¹⁾		-			(749	)		-			-
Net income (loss) attributable to common stockholders	$	(72,465	)	$	17,934		$	(103,913	)	$	(161,934	)
Weighted-average number of common shares - basic		187,626			179,899			186,801			149,683
Effect of dilutive securities:
Stock options and restricted stock units		-			10,609			-			-
Weighted-average number of common shares - diluted		187,626			190,508			186,801			149,683
Diluted earnings (loss) per common share	$	(0.39	)	$	0.09		$	(0.56	)	$	(1.08	)

(1)

Restricted stock awards granted to employees by the Company are considered participating securities.

Anti-dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Options to purchase common stock		25,616		1,553		25,616		16,442
Unvested restricted common stock		1,706		-		1,706		7,213
Unvested RSUs		911		-		911		328
Total		28,233		1,553		28,233		23,983