Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of shares outstanding during the period. In periods of net loss, all potential common shares are anti-dilutive, so diluted net loss per share equals the basic net loss per share. In periods of net income, diluted net income per share is computed by dividing net income for the period by the basic weighted-average number of shares plus any dilutive potential common stock outstanding during the period, using the treasury stock method for share-based awards and warrants, and the if-converted method for convertible senior notes. Potential common stock includes the effect of outstanding dilutive stock options, restricted stock awards, and restricted stock units, as well as shares the Company could be obligated to issue from its convertible senior notes and warrants, as described in Note 11, Convertible Senior Notes. In the event of the conversion of the Company’s convertible senior notes, the principal portion will be settled in cash with any conversion consideration in excess of the principal portion settled in cash and/or shares of the Company’s common stock at the Company’s option, therefore, only the amounts expected to be settled in excess of the principal portion are considered dilutive in calculating earnings per share under the if-converted method. Any anti-dilutive weighted-average dilutive shares related to stock award plans, convertible senior notes, and warrants are excluded from the computation of the diluted net income per share.

The basic and diluted net income (loss) per share calculations were as follows:

	Year Ended December 31,
	2024		2023		2022
	(In thousands, except per share data)
Net income (loss)	$	12,531	$	(20,371)	$	5,648
Weighted-average shares outstanding – basic	46,047		45,212		44,398
Effect of dilutive securities from stock award plans	208		—		1,019
Effect of convertible senior notes	—		—		474
Weighted-average shares outstanding – diluted	46,255		45,212		45,891
Net income (loss) per share – basic	$	0.27	$	(0.45)	$	0.13
Net income (loss) per share – diluted	$	0.27	$	(0.45)	$	0.12
Anti-dilutive weighted-average shares related to stock award plans	2,793		3,368		725
Anti-dilutive weighted-average shares related to convertible senior notes and warrants	9,622		11,816		5,908