EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

20. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the treasury stock method for stock awards and the if-converted method for convertible debt by dividing net income by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding. Given that the Company recorded a net loss for the years ended December 31, 2023 and 2022, there is no difference between basic and diluted net loss per share since the effect of common stock equivalents would be anti-dilutive and are, therefore, excluded from the diluted net loss per share calculation.

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

	For the Year Ended December 31,
	2024		2023			2022
	(in thousands, except per share amounts)
Numerator:
Net income (loss) – basic	$	235,239	$	(535,977	)	$	(703,488	)
Add: interest expense, net of tax, on the Company's      convertible debt		17,000		—			—
Net income (loss) – diluted	$	252,239	$	(535,977	)	$	(703,488	)
Denominator:
Weighted-average common shares outstanding, basic		95,075		92,398			87,559
Effect of dilutive securities:
Common stock issuable under the Company's      equity incentive plans		3,513		—			—
Common stock issuable under the Company's       convertible debt		9,287		—			—
Weighted-average common shares outstanding, diluted		107,875		92,398			87,559
Earnings (loss) per common share, basic	$	2.47	$	(5.80	)	$	(8.03	)
Earnings (loss) per common share, diluted	$	2.34	$	(5.80	)	$	(8.03	)

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:

	For the Year Ended December 31,
	2024			2023			2022
	(in thousands)
Common stock issuable under the Company's equity incentive plans		2,520	(1)		11,956	(2)		11,229	(3)
Common stock issuable under the Company's convertible debt		—			9,542			13,813
Total number of potentially issuable common stock		2,520			21,498			25,042

(1) As of December 31, 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 December 31, 2023, the anti-dilutive common stock issuable under the Company's equity incentive plans includes 1.1 million shares that have performance or market conditions that were not met. These were anti-dilutive as the Company was in a net loss position at the end of the period.

(3) As of December 31, 2022, the anti-dilutive common stock issuable under the Company's equity incentive plans includes 1.1 million shares that have performance or market conditions that were not met. These were anti-dilutive as the Company was in a net loss position at the end of the period.