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Earnings (Loss) Per Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share:
|  | For the Years Ended December 31,
(In thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2021
Net income (loss) per share: |  |  |  |  |  |
Numerator: |  |  |  |  |  |
Net income (loss) |  | $ | 333,904 |  |  | $ | (14,310) |  |  | $ | 18,334 |
Denominator: |  |  |  |  |  |
Weighted-average common shares outstanding - basic |  | 108,183 |  |  | 109,472 |  |  | 110,538 |
Effect of potential dilutive common shares |  | 2,706 |  |  | — |  |  | 4,327 |
Weighted-average common shares outstanding - diluted |  | 110,889 |  |  | 109,472 |  |  | 114,865 |
Basic net income (loss) per share |  | $ | 3.09 |  |  | $ | (0.13) |  |  | $ | 0.17 |
Diluted net income (loss) per share |  | $ | 3.01 |  |  | $ | (0.13) |  |  | $ | 0.16 |
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 year ended December 31, 2022 because the impact of including them would have been anti-dilutive (in thousands):
|  |  | For the Year Ended December 31, |  |
(In thousands) |  |  | 2022 |  |
Stock options |  |  | 282 |  |  |
Restricted stock units |  |  | 2,361 |  |  |
Potentially issuable shares related to the in-the-money conversion benefit feature of convertible notes |  |  | 175 |  |  |
Total |  |  | 2,818 |  |  |
The shares in the tables above did not include the principal amount of the Company’s 2023 Notes (“the 2023 Notes”) as the principal amount of the 2023 Notes must be paid in cash. The Company settled the conversion of the remaining $10.4 million aggregate principal amount of the 2023 Notes in the first quarter of 2023. Accordingly, the Company delivered approximately 0.3 million shares of the Company's common stock as settlement related to the in-the-money conversion feature of the 2023 Notes and received an equal amount of shares due to the settlement of the convertible senior note hedges. The Company included dilutive instruments exercised during the period in the denominator of diluted earnings (loss) per share for the period prior to exercise, and thereafter, the Company included the actual shares issued in the denominator for both basic and diluted earnings (loss) per share. 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.

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