Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

12. Earnings per Common Share

The following tables summarize the components of the basic and diluted EPS computations (in thousands, except per share amounts):


	Three Months Ended March 31,
	2024		2023
EPS — basic:
Net income (loss) (numerator)	$	10,630	$	(9,795	)
Weighted average common shares (denominator)		270,356		263,969
Net income (loss) per share	$	0.04	$	(0.04	)
EPS — diluted:
Net income (loss) — basic	$	10,630	$	(9,795	)
Effect of interest and amortization expense on convertible notes		1,856		—
Adjusted net income (loss) (numerator)	$	12,486	$	(9,795	)
Weighted average common shares		270,356		263,969
Effect of dilutive securities — common shares issuable		54,377		—
Adjusted weighted average common shares (denominator)		324,733		263,969
Net income (loss) per share	$	0.04	$	(0.04	)

For the three months ended March 31, 2024, diluted net income per share excluded the weighted average effect of 5.4 million RSUs and Market RSUs and 2.1 million options and PNQs as they were antidilutive.

Common shares issuable represents incremental shares of common stock which consist of RSUs, stock options, warrants, and shares that could be issued upon conversion of the Senior convertible notes and the Mann Group convertible notes. Potentially dilutive securities outstanding which were considered antidilutive are summarized as follows (in shares):


	Three Months Ended March 31,
	2023
Senior convertible notes		44,120,463
RSUs and Market RSUs(1)		15,468,000
Common stock options and PNQs		8,943,899
Mann Group convertible notes		3,370,000
Total shares		71,902,362

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(1)

Market RSUs issued in 2020, 2021 and 2022 are included at the share delivery of 300%, 0% and 210%, respectively, in accordance with a valuation assessment obtained as of March 31, 2023.