Earnings Per Common Share

12 Months Ended

Dec. 31, 2024

14. Earnings per Common Share

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


	Year Ended December 31,
	2024		2023			2022
EPS – basic:
Net income (loss) (numerator)	$	27,588	$	(11,938	)	$	(87,400	)
Weighted average common shares (denominator)		274,415		267,014			257,092
Net income (loss) per share	$	0.10	$	(0.04	)	$	(0.34	)
EPS – diluted:
Net income (loss)	$	27,588	$	(11,938	)	$	(87,400	)
Weighted average common shares		274,415		267,014			257,092
Effect of dilutive securities – common shares issuable		9,429		—			—
Adjusted weighted average common shares (denominator)		283,844		267,014			257,092
Net income (loss) per share	$	0.10	$	(0.04	)	$	(0.34	)

For the year ended December 31, 2024, diluted net income per share excluded the weighted average effect of 9.9 million shares of RSUs and Market RSUs, 0.6 million options and PNQs and 7.0 million common shares issuable upon conversion of the senior convertible notes, as they were antidilutive.

Common shares issuable for the years ended December 31, 2023 and 2022 represent 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 net losses are summarized as follows (in shares):


	Year Ended December 31,
	2023		2022
Senior convertible notes		44,120,463		44,120,463
RSUs and Market RSUs(1)		7,855,144		18,886,710
Common stock options and PNQs		8,400,611		9,074,587
Mann Group convertible notes		3,370,000		3,370,000
Total shares		63,746,218		75,451,760

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(1)	Market RSUs issued in 2022 and 2023 are included at the share delivery of 140% and 0%, respectively, in accordance with a valuation assessment obtained as of December 31, 2023.