Basic and Diluted Net Income Per Share

6 Months Ended

Jun. 30, 2023

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders, which excludes Sponsor Vesting Shares which are legally outstanding, but subject to return to the Company. Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average common shares outstanding during the period, plus the dilutive effect of the stock options and RSU awards, as applicable pursuant to the treasury stock method. The following table sets forth the computation of basic and diluted net income (loss) per share:


(In thousands, except for share and per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to common stockholders—Basic	$	(6,464)	$	46,931	$	3,305	$	54,277

Net income (loss) attributable to common stockholders—Diluted	$	(6,464)	$	46,931	$	3,305	$	54,277
Denominator:
Weighted-average common shares outstanding—Basic (1)	139,265,248		137,141,655		139,154,557		136,985,440
Stock options	—		4,889,299		3,730,144		5,010,955

RSU awards	—		164,683		154,734		82,357
Weighted-average common shares outstanding—Diluted (1)	139,265,248		142,195,637		143,039,435		142,078,752
Net income (loss) per share—Basic	$	(0.05)	$	0.34	$	0.02	$	0.40
Net income (loss) per share—Diluted	$	(0.05)	$	0.33	$	0.02	$	0.38

(1)Excludes weighted-average Sponsor Vesting Shares subject to return of 4,500,000 shares as of June 30, 2023 and 2022.

Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The following potentially dilutive securities for common stock were outstanding and excluded from diluted earnings per share as they are subject to performance or market conditions that were not achieved as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Options to purchase common stock	1,481,531	1,481,531	1,481,531	1,481,531
Performance-based stock awards	2,162,150	2,610,500	2,162,150	2,610,500
Earnout shares	25,000,000	25,000,000	25,000,000	25,000,000
Sponsor vesting shares	4,500,000	4,500,000	4,500,000	4,500,000

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Options to purchase common stock	4,616,840	—	—	—
Warrants to purchase common stock	35,476,627	35,476,627	35,476,627	35,476,627


RSU awards	4,416,828	—	—	—