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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 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) |  | 2022 |  | 2021 |  | 2020
Net income (loss) per share: |  |  |  |  |  |
Numerator: |  |  |  |  |  |
Net income (loss) |  | $ | (14,310) |  |  | $ | 18,334 |  |  | $ | (40,471) |
Denominator: |  |  |  |  |  |
Weighted-average common shares outstanding - basic |  | 109,472 |  |  | 110,538 |  |  | 113,254 |
Effect of potential dilutive common shares |  | — |  |  | 4,327 |  |  | — |
Weighted-average common shares outstanding - diluted |  | 109,472 |  |  | 114,865 |  |  | 113,254 |
Basic net income (loss) per share |  | $ | (0.13) |  |  | $ | 0.17 |  |  | $ | (0.36) |
Diluted net income (loss) per share |  | $ | (0.13) |  |  | $ | 0.16 |  |  | $ | (0.36) |
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to the Company’s common stockholders for the periods presented because the impact of including them would have been anti-dilutive (in thousands):
|  | For the Years Ended December 31,
(In thousands) |  | 2022 |  |  |  | 2020
Stock options |  | 282 |  |  |  |  | 227 |
Restricted stock units |  | 2,361 |  |  |  |  | 2,067 |
Potentially issuable shares related to the in-the-money conversion benefit feature of convertible notes |  | 175 |  |  |  |  | — |
Contingently issuable ESPP shares |  | — |  |  |  |  | 12 |
Total |  | 2,818 |  |  |  |  | 2,306 |
The potentially dilutive securities during the year ended December 31, 2021 were immaterial. The shares in the table above do not include the par amount of 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, therefore approximately 1.4 million shares were included in the weighted-average dilutive shares. Refer to Note 12, “Convertible Notes,” for additional information. As a result of the Company’s adoption of ASU No. 2020-06 on January 1, 2022, the dilutive impact of the 2023 Notes on the calculation of diluted net income (loss) per share is considered using the if-converted method. Furthermore, because the principal amount of the 2023 Notes must be settled in cash, the dilutive impact of applying the if-converted method is limited to the in-the-money portion, if any, of the 2023 Notes. For periods prior to the Company’s January 1, 2022 adoption of ASU No. 2020-06, the Company applied the treasury stock method to account for the dilutive impact of the 2023 Notes for diluted net income (loss) per share purposes. As noted in ASU No. 2020-06, for convertible instruments where the principal is required to be paid in cash, the results of applying the if-converted method are similar to the results of applying the historical treasury stock method. Therefore, even though the Company is required to apply the if-converted method upon adoption of ASU No. 2020-06, there is no impact to its earnings per share calculation. Under the if-converted method, the cumulative dilutive effect of the 2023 Notes would be approximately 0.5 million shares, if the shares had been dilutive. Refer to Note 12, “Convertible Notes,” for additional information.

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