Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

13. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
EPS — basic:
Net income (loss) (numerator)	$	11,550	$	1,721	$	20,166	$	(13,339	)
Weighted average common shares (denominator)		274,998		268,732		272,811		266,126
Net income (loss) per share	$	0.04	$	0.01	$	0.07	$	(0.05	)
EPS — diluted:
Adjusted net income (loss) (numerator)	$	11,550	$	3,578	$	20,166	$	(13,339	)
Weighted average common shares		274,998		268,732		272,811		266,126
Effect of dilutive securities — common shares issuable		9,695		55,038		8,596		—
Adjusted weighted average common shares (denominator)		284,693		323,770		281,407		266,126
Net income (loss) per share	$	0.04	$	0.01	$	0.07	$	(0.05	)

For the three months ended September 30, 2024, diluted net income per share excluded the weighted average effect of 10.4 million shares of RSUs and Market RSUs, 0.4 million options and PNQs and 44.1 million common shares issuable upon conversion of our Senior convertible notes, as they were antidilutive. For the nine months ended September 30, 2024, diluted net income per share

excluded the weighted average effect of 9.1 million RSUs and Market RSUs, 0.7 million options and PNQs and 44.1 million common shares issuable upon conversion of our Senior convertible notes, as they were antidilutive.

For the three months ended September 30, 2023, diluted net income per share excluded the weighted average effect of 9.4 million shares of RSUs and Market RSUs and 2.0 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 due to the net losses incurred for the nine months ended September 30, 2023 are summarized as follows (in shares):


	September 30,
	2023
Senior convertible notes		44,120,463
RSUs and Market RSUs(1)		21,151,454
Common stock options and PNQs		8,447,339
Mann Group convertible notes		3,370,000
Total shares		77,089,256

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(1)

Market RSUs issued in 2021, 2022 and 2023 are included at the share delivery of 0%, 205% and 219%, respectively, in accordance with a valuation assessment obtained as of September 30, 2023.