Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

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


	For the Years Ended December 31,
(In thousands, except per share amounts)	2021		2020		2019
Net income (loss) per share:
Numerator:
Net income (loss)	$	18,334	$	(40,471)	$	(85,964)
Denominator:
Weighted-average common shares outstanding - basic	110,538		113,254		110,948
Effect of potential dilutive common shares	4,327		—		—
Weighted-average common shares outstanding - diluted	114,865		113,254		110,948
Basic net income (loss) per share	$	0.17	$	(0.36)	$	(0.77)
Diluted net income (loss) per share	$	0.16	$	(0.36)	$	(0.77)

For the years ended December 31, 2020 and 2019, options to purchase approximately 0.3 million and 1.0 million shares, respectively, were excluded from the calculation because they were anti-dilutive after considering proceeds from exercise, taxes and related unrecognized stock-based compensation expense. For the year ended December 31, 2021, there were no options to purchase shares that were excluded from the calculation.

For the years ended December 31, 2020 and 2019, an additional 2.3 million and 2.4 million shares, respectively, were excluded from the weighted-average dilutive shares because there was a net loss for the periods. These shares do not include the Company’s 2023 Notes. The par amount of convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and then the “in-the-money” conversion benefit feature at the conversion price above $18.93

per share is payable in cash, shares of the Company’s common stock or a combination of both. The Company has the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion of the notes. The Company’s intent is to settle the principal amount of the notes in cash upon conversion. As a result, upon conversion of the notes, only the amounts payable in excess of the principal amounts of the notes are considered in diluted earnings per share under the treasury stock method. During the year ended December 31, 2021, the Company’s stock price exceeded the 2023 Notes' conversion price of $18.93 per share, due to which approximately 1.4 million shares for the year ended December 31, 2021 were included in the weighted-average dilutive shares. Refer to Note 12, Convertible Notes,” for more details.