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EARNINGS (LOSS) PER SHARE | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Pursuant to the Second Amended and Restated Certificate of Incorporation and as a result of the Business Combination and reverse recapitalization, the Company has retrospectively adjusted the weighted-average shares outstanding prior to November 17, 2020, to give effect to the exchange ratio used to determine the number of shares of Common Stock into which the MPMO common units and preferred units, which were outstanding prior the Business Combination, converted. Basic EPS is computed based on the weighted-average number of common shares outstanding during the period. Diluted EPS is based on the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method or the if-converted method, as applicable. During the periods when there is a net loss, potentially dilutive common stock equivalents have been excluded from the calculation of diluted loss per share as their effect is anti-dilutive.
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
Weighted-average shares outstanding, basic | 176,519,203 |  |  | 173,469,546 |  |  | 79,690,821 |
Assumed conversion of Public Warrants | — |  |  | 2,840,624 |  |  | — |
Assumed conversion of Convertible Notes | 15,584,409 |  |  | 11,997,860 |  |  | — |
Assumed conversion of restricted stock | 921,772 |  |  | 1,257,360 |  |  | — |
Assumed conversion of RSUs | 427,703 |  |  | 278,638 |  |  | — |
Weighted-average shares outstanding, diluted | 193,453,087 |  |  | 189,844,028 |  |  | 79,690,821 |
The following table presents the calculation of basic and diluted EPS for the Company’s Common Stock:
| For the year ended December 31,
(in thousands, except share and per share data) | 2022 |  | 2021 |  | 2020
Calculation of basic EPS: |  |  |  |  |
Net income (loss) | $ | 289,004 |  |  | $ | 135,037 |  |  | $ | (21,825) |
Weighted-average shares outstanding, basic | 176,519,203 |  |  | 173,469,546 |  |  | 79,690,821 |
Basic EPS | $ | 1.64 |  |  | $ | 0.78 |  |  | $ | (0.27) |
Calculation of diluted EPS: |  |  |  |  |
Net income (loss) | $ | 289,004 |  |  | $ | 135,037 |  |  | $ | (21,825) |
Interest expense, net of tax(1): |  |  |  |  |
Convertible Notes | 4,441 |  |  | 3,366 |  |  | — |
Diluted income (loss) | $ | 293,445 |  |  | $ | 138,403 |  |  | $ | (21,825) |
Weighted-average shares outstanding, diluted | 193,453,087 |  |  | 189,844,028 |  |  | 79,690,821 |
Diluted EPS | $ | 1.52 |  |  | $ | 0.73 |  |  | $ | (0.27) |
(1)The years ended December 31, 2022 and 2021, were tax-effected at a rate of 15.3% and 15.7%, respectively. As discussed in Note 8, “Debt Obligations,” the Convertible Notes were issued in March 2021; therefore, no adjustment is required for the year ended December 31, 2020. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding as they would be anti-dilutive:
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
Public Warrants | — |  |  | — |  |  | 11,499,968 |
Restricted stock | — |  |  | — |  |  | 1,813,006 |
RSUs | 24,442 |  |  | 18,322 |  |  | 397,662 |
Total | 24,442 |  |  | 18,322 |  |  | 13,710,636 |

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