Basic and Diluted Net (Loss) Income Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted Net (Loss) Income Per Share

Basic and Diluted Net (Loss) Income Per Share

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

(In thousands, except for share and per share amounts)	Three Months Ended March 31,
	2024		2023
Numerator:
Net income attributable to common stockholders—Basic	$	(13,913)	$	9,769
Net income attributable to common stockholders—Diluted	$	(13,913)	$	9,769
Denominator:
Weighted-average common shares outstanding—Basic (1)	141,828,895		138,651,062
Stock options	—		3,803,307
RSU awards	—		—
Weighted-average common shares outstanding—Diluted (1)	141,828,895		142,454,369
Net income per share—Basic	$	(0.10)	$	0.07
Net income per share—Diluted	$	(0.10)	$	0.07

(1)Excludes weighted-average Sponsor Vesting Shares subject to return of 4,500,000 shares for the three months ended March 31, 2024 and 2023.

Diluted net (loss) income per share reflects 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 net (loss) income per share as they are subject to performance or market conditions that were not achieved as follows:

	Three Months Ended March 31,
	2024	2023
Options to purchase common stock	1,481,531	1,481,531
Performance-based stock awards	1,794,893	2,054,650
Earnout shares	25,000,000	25,000,000
Sponsor vesting shares	4,500,000	4,500,000

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

	Three Months Ended March 31,
	2024	2023
Options to purchase common stock	3,381,132	—
Warrants to purchase common stock	35,476,627	35,476,627
RSU awards	11,053,204	—