(LOSS) EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Basic (loss) earnings per share represents income available to common or ordinary shareholders divided by the weighted average number of Common Stock or Ordinary Shares outstanding during the reported period. Diluted (loss) earnings per share is based upon the weighted-average number of Common Stock or Ordinary Shares outstanding during the period plus additional weighted-average potentially dilutive Common Stock or Ordinary Share equivalents during the period when the effect is dilutive.

Basic and diluted weighted average shares outstanding and earnings per share were as follows (in thousands, except share and per share data):


	Year Ended December 31,
	2024		2023		2022
Net (loss) income	$	(5,905)	$	67,486	$	91,758

Weighted-average shares outstanding:
Weighted average shares used in computing earnings per share, basic	145,713,439		154,666,717		160,937,575


Founders advisory fees	—		11,785,305		14,142,366
Weighted average shares used in computing earnings per share, diluted	145,713,439		166,452,022		175,079,941

Basic (loss) earnings per share	$	(0.04)	$	0.44	$	0.57

Diluted (loss) earnings per share	$	(0.04)	$	0.41	$	0.52

The number of anti-dilutive securities not included in the calculation of diluted earnings per share were as follows:


	Year Ended December 31,
	2024	2023	2022
PBNQSO	3,047,072	245,004	245,004
Founders advisory fees	9,428,244	—	—
Warrants	6,395,268	8,460,860	8,460,860
Total	18,870,584	8,705,864	8,705,864