Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

5. Earnings Per Share

The Company calculates earnings per share (“EPS”) as required by FASB ASC Topic No. 260, Earnings Per Share. Basic EPS is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common stock equivalents. Diluted EPS is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, plus the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted EPS calculation. For purposes of this calculation, common stock

subject to repurchase by the Company, options, and warrants are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share when their effect is dilutive.

The following table sets forth the details of basic and diluted earnings per share:

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2021			2020		2021			2020
	(unaudited, in thousands, except per share amounts)					(unaudited, in thousands, except per share amounts)
Numerator:
Net (loss) income	$	(18,607	)	$	161	$	(27,035	)	$	3,585
Denominator:
Weighted average shares outstanding –    basic		53,939			41,351		50,147			40,656
Potential common shares – options /    warrants (treasury stock method)		—			1,675		—			1,921
Weighted average shares outstanding –    diluted		53,939			43,026		50,147			42,577
Shares excluded (anti-dilutive)		1,279			101		1,333			101
Net (loss) earnings per common share:
Basic	$	(0.34	)	$	0.00	$	(0.54	)	$	0.09
Diluted	$	(0.34	)	$	0.00	$	(0.54	)	$	0.08