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EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Schedule of Weighted Average Number of Shares | 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 |
Earnings (loss) per share | 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.
Potentially dilutive securities | 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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