Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2024

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


	For the Years Ended December 31,
(In thousands, except per share amounts)	2024		2023		2022
Net income (loss) per share:
Numerator:
Net income (loss)	$	179,821	$	333,904	$	(14,310)
Denominator:
Weighted-average common shares outstanding - basic	107,438		108,183		109,472
Effect of potentially dilutive common shares	1,603		2,706		—
Weighted-average common shares outstanding - diluted	109,041		110,889		109,472
Basic net income (loss) per share	$	1.67	$	3.09	$	(0.13)
Diluted net income (loss) per share	$	1.65	$	3.01	$	(0.13)

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to the Company’s common stockholders for the year ended December 31, 2022 because the impact of including them would have been anti-dilutive (in thousands):


									For the Year Ended December 31,
(In thousands)									2022
Stock options									282
Restricted stock units									2,361
Potentially issuable shares related to the in-the-money conversion benefit feature of convertible notes									175

Total									2,818

The shares in the tables above did not include the principal amount of the Company’s 2023 Notes (“the 2023 Notes”) as the principal amount of the 2023 Notes had to be paid in cash. The Company settled the conversion of the remaining $10.4 million aggregate principal amount of the 2023 Notes in the first quarter of 2023. Accordingly, the Company delivered approximately 0.3 million shares of the Company's common stock as settlement related to the in-the-money conversion feature of the 2023 Notes and received an equal amount of shares due to the settlement of the convertible senior note hedges. The Company included dilutive instruments exercised during the period in the denominator of diluted earnings (loss) per share for the period prior to exercise, and thereafter, the Company included the actual shares issued in the denominator for both basic and diluted earnings (loss) per share. Refer to Note 12, “Convertible Notes,” for additional information.

As a result of the Company’s adoption of ASU No. 2020-06 on January 1, 2022, the dilutive impact of the 2023 Notes on the calculation of diluted net income (loss) per share was considered using the if-converted method. Furthermore, because the principal amount of the 2023 Notes had to be settled in cash, the dilutive impact of applying the if-converted method was limited to the in-the-money portion, if any, of the 2023 Notes.