Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2023

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 shares 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 three months ended March 31, 2023 and 2022, there were 366,946 and 1,151,073 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.


	Three months ended March 31,
In thousands except per share amounts		2023		2022




Net income (loss) available to common stockholders		$	(24,586)	$	7,682

Weighted average shares:
Basic		300,950		261,458
Effect of stock-based compensation plans		—		2,105
Diluted		300,950		263,563

Income (loss) per share:


Basic		$	(0.08)	$	0.03




Diluted		$	(0.08)	$	0.03

On March 17, 2023, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “March 2023 Equity Offering”). The March 2023 Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement, entered into on February 23, 2023 between the Company and BMO Capital Markets Corp. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 32,861,580 shares of its common stock in the March 2023 Equity Offering at an average price of $3.04 per share, raising net proceeds (after sales commissions) of $98.4 million. Proceeds from the March 2023 Equity Offering were used to reduce outstanding amounts under the RCF and for general corporate purposes.

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 2022 Equity Offering”). The December 2022 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 2022 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 2022 Equity Offering were used to repay outstanding amounts under the RCF.

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 2022 Equity Offering”). The March 2022 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 2022 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 2022 Equity Offering were used to repay outstanding amounts under the RCF.