Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

(11) Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) attributable to 3D Systems by the weighted average number of common shares outstanding during the applicable period. Diluted net income (loss) per share incorporates the additional shares issuable upon the assumed exercise of stock options and the vesting of restricted stock and restricted stock units, except in such case when their inclusion would be anti-dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2022		2021		2022		2021
Numerator for basic and diluted net income (loss) per share:
Net (loss) income attributable to 3D Systems Corporation	$	(37,398)	$	292,656	$	(97,158)	$	328,252
Redeemable non-controlling interest redemption value in excess of carrying value	(462)		—		(462)		—
Net (loss) income attributable to common stock shareholders	$	(37,860)	$	292,656	$	(97,620)	$	328,252

Denominator for net income (loss) per share:
Weighted average shares - basic	127,991		122,663		127,478		122,178
Dilutive effect of shares issuable under stock-based compensation and other plans(1)	—		2,626		—		2,661
Weighted average shares - diluted	127,991		125,289		127,478		124,839
Anti-dilutive shares of stock-based compensation awards which are excluded from the dilutive shares above(2)	986		2,029		1,558		2,284

Net income (loss) per share - basic	$	(0.30)	$	2.39	$	(0.77)	$	2.69
Net income (loss) per share - diluted	$	(0.30)	$	2.34	$	(0.77)	$	2.63

(1) The dilutive impact of share awards for the three and nine months ended September 30, 2022 are deemed anti-dilutive because we had a net loss for these periods.

(2) Excludes the impact of shares contingently issuable upon the achievement of certain milestones in the Volumetric acquisition as discussed in Note 2. Additionally, it excludes 986 and 1,558 shares for the three and nine months ended September 30, 2022, respectively, and 2,029 and 2,284 shares for the three and nine months ended September 30, 2021, respectively, which are deemed fully or partially repurchased based on the calculation which requires certain assumptions regarding the assumed proceeds that will hypothetically repurchase unvested restricted shares and outstanding stock options.

On November 16, 2021, the Company issued $460,000 in aggregate principal amount of 0% Convertible Senior Notes due November 15, 2026 as discussed in Note 9. The Notes’ impact to diluted shares will be calculated using the if-converted method as prescribed in ASU 2020-06. The Notes will increase the diluted share count when the average share price over a quarterly interim or annual reporting period is greater than $35.92, the conversion price of the Notes. For the three and nine months ended September 30, 2022, the Notes were anti-dilutive on a stand-alone basis because the average share price during those periods did not exceed the conversion price and because we had a net loss for the three and nine months ended September 30, 2022.

On August 5, 2020, we entered into an Equity Distribution Agreement for an At-The-Market equity offering program (“ATM Program”) under which we could have issued and sold, from time to time, shares of our common stock. On January 6, 2021, following the closing of the sale of Cimatron and the receipt of the related purchase price proceeds, the Company terminated the ATM Program. No shares of our stock were issued under the ATM Program in 2021.