Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of the Company’s common stock outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the years ended December 31, 2022, 2021 and 2020, there were 952,664, 634,419 and 389,629 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive.


	Year ended December 31,
In thousands except per share amounts		2022		2021		2020




Net income (loss) available to common stockholders		$	(78,107)	$	(31,322)	$	25,627

Weighted average shares:
Basic		275,178		250,044		240,803
Effect of stock-based compensation plans		—		—		1,746
Diluted		275,178		250,044		242,549

Income (loss) per share:


Basic		$	(0.28)	$	(0.13)	$	0.11




Diluted		$	(0.28)	$	(0.13)	$	0.11

On March 18, 2022, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March Equity Offering”). The March Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on April 23, 2020 between the Company and BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 22,053,275 shares of its common stock in the March Equity Offering at an average price of $4.53 per share, raising net proceeds (after sales commissions) of $98.0 million. Proceeds from the March Equity Offering were used to repay outstanding amounts under the RCF.

On December 11, 2022, the Company completed a $50.0 million “at the market” offering of its common stock, par value $0.01 per share (the “December Equity Offering”). The December Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on November 9, 2022 between the Company and BMO Capital Markets Corp. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 14,766,835 shares of its common stock in the December Equity Offering at an average price of $3.39 per share, raising net proceeds (after sales commissions) of $49.2 million. Proceeds from the December Equity Offering were used to repay outstanding amounts under the RCF.