Note 17 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

17. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing total net income (loss) by the weighted average common shares outstanding for the period. In computing diluted net income (loss) per share, the Company adjusts the denominator, subject to anti-dilution requirements, to include the dilution from potential shares of common stock resulting from outstanding share-based payment awards, warrants and Company Earn-Outs. The Company’s Sponsor Earn-Out Shares described in “Note 11 — Mezzanine Equity and Stockholders’ Equity” are considered participating securities and have no contractual obligation to shares in the loss of the Company. As such, the weighted-average impact of these shares is excluded from the calculation of loss per share below. 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousands, except per share amounts)
Net income (loss) per share available to common shareholders, excluding sponsor earn-out shareholders
Numerator:
Net income (loss)	$	2,928		$	(4,230	)	$	(11,964	)	$	(25,937	)
Net income attributable to Sponsor Earn-out Shares		(41	)		—			—			—
Net (income) loss attributable to noncontrolling interest		(308	)		18			59			(57	)
Total net income (loss) available to common shareholders	$	2,579		$	(4,212	)	$	(11,905	)	$	(25,994	)
Denominator:
Weighted average common shares outstanding		183,946			181,769			182,753			182,630
Effect of dilutive securities
Stock options		14,533			—			—			—
RSUs		5,380			—			—			—
Weighted average diluted shares		203,859			181,769			182,753			182,630
Basic net income (loss) per share available to common shareholders, excluding sponsor earn-out shareholders	$	0.01		$	(0.02	)	$	(0.07	)	$	(0.14	)
Diluted net income (loss) per share available to common shareholders, excluding sponsor earn-out shareholders	$	0.01		$	(0.02	)	$	(0.07	)	$	(0.14	)

To arrive at net income (loss) available to common stockholders, the Company deducted net income attributable to Sponsor Earn-out Shares and net (income) loss attributable to noncontrolling interest.

The below table includes the total potentially dilutive securities for the three and nine months ending September 30, 2024 and the three and nine months ending September 30, 2023 which have been excluded from the computation of diluted net income (loss) per share as their effect is anti-dilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Stock options		12		27,982		25,195		27,982
RSUs		1		11,533		10,534		11,533
Warrants		16,308		17,905		16,308		17,905
Company Earn-Outs		3,000		3,000		3,000		3,000
Total potentially dilutive securities		19,321		60,420		55,037		60,420