XML 29 R22.htm IDEA: XBRL DOCUMENT v3.24.2.u1
EARNINGS (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

14. EARNINGS (LOSS) PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding.

 

The following table sets forth the computation of basic and diluted earnings (loss) per common share:

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) - basic

 

$

6,460

 

 

$

(23,940

)

 

$

42,579

 

 

$

(540,695

)

Add: interest expense, net of tax, on the Company's convertible debt

 

 

340

 

 

 

—

 

 

 

769

 

 

 

—

 

Net income (loss) - diluted

 

$

6,800

 

 

$

(23,940

)

 

$

43,348

 

 

$

(540,695

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

94,618

 

 

 

88,743

 

 

 

94,305

 

 

 

88,466

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issuable under the Company's equity incentive plans

 

 

3,095

 

 

 

—

 

 

 

3,388

 

 

 

—

 

Common stock issuable under the Company's convertible debt

 

 

1,431

 

 

 

—

 

 

 

1,436

 

 

 

—

 

Weighted-average common shares outstanding, diluted

 

 

99,144

 

 

 

88,743

 

 

 

99,129

 

 

 

88,466

 

Earnings (loss) per common share, basic

 

$

0.07

 

 

$

(0.27

)

 

$

0.45

 

 

$

(6.11

)

Earnings (loss) per common share, diluted

 

$

0.07

 

 

$

(0.27

)

 

$

0.44

 

 

$

(6.11

)

 

The following table summarizes potential shares of common stock that were excluded from the computation of diluted earnings per share as they were anti-dilutive:

 

 

 

As of
June 30, 2024

 

 

As of
June 30, 2023

 

 

 

 

(in thousands)

 

 

Common stock issuable under the Company's equity incentive plans

 

 

2,879

 

(1)

 

12,316

 

(2)

Common stock issuable under the Company's convertible debt

 

 

8,100

 

 

 

9,542

 

 

Total number of potentially issuable common stock

 

 

10,979

 

 

 

21,858

 

 

(1) As of June 30, 2024, the anti-dilutive common stock issuable under the Company's equity incentive plans excludes 1.2 million shares that are dilutive but have performance or market conditions that were not met as of the end of the period.

(2) As of June 30, 2023, the anti-dilutive common stock issuable under the Company's equity incentive plans includes 1.2 million shares that have performance or market conditions that were not met as of the end of the period because these were anti-dilutive as the Company was in a net loss position at the end of the period.