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NET INCOME (LOSS) PER SHARE | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Net income (loss) per share is calculated in accordance with ASC 260 - Earnings Per Share. Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. For the year ended December 31, 2024, 2023 and 2022, the Company recorded net income (loss) and as such, the Company calculated the impact of dilutive common stock equivalents in determining diluted earnings per share. The following table presents the total potential securities that were not included in the computation of diluted income (loss) per share, as their inclusion would have been anti-dilutive:
|  |  |  | For the Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
Warrants |  |  |  |  |  | 324,375 |  |  | 324,375 |  |  | 324,375 |
Restricted stock units |  |  |  |  |  | — |  |  | — |  |  | 1,255,648 |
The Convertible Notes (as defined below) |  |  |  |  |  | — |  |  | — |  |  | 9,812,955 |
Series A Preferred Stock |  |  |  |  |  | — |  |  | 322,654 |  |  | — |
Total dilutive shares |  |  |  |  |  | 324,375 |  |  | 647,029 |  |  | 11,392,978 |
The following table sets forth the computation of basic and diluted income (loss) per share:
|  |  |  | For the Year Ended December 31,
(in thousands, except share and per share data) |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Basic earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Net income (loss) per share of common stock - basic |  |  |  |  |  | $ | 541,253 |  |  | $ | 259,052 |  |  | $ | (694,022) |
Weighted average shares of common stock - basic |  |  |  |  |  | 289,961,989 |  |  | 183,855,570 |  |  | 113,467,837 |
Net income (loss) per share of common stock - basic |  |  |  |  |  | $ | 1.87 |  |  | $ | 1.41 |  |  | $ | (6.12) |
Diluted earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Net income (loss) per share of common stock - basic |  |  |  |  |  | $ | 541,253 |  |  | $ | 259,052 |  |  | $ | (694,022) |
Add: Notes interest expense, net of tax |  |  |  |  |  | 6,364 |  |  | 7,421 |  |  | — |
Less: Gain from extinguishment of debt, net of tax |  |  |  |  |  | (10,278) |  |  | (62,909) |  |  | — |
Net income (loss) per share of common stock - diluted |  |  |  |  |  | $ | 537,339 |  |  | $ | 203,564 |  |  | $ | (694,022) |
Weighted average shares of common stock - basic |  |  |  |  |  | 289,961,989 |  |  | 183,855,570 |  |  | 113,467,837 |
Restricted stock units |  |  |  |  |  | 4,492,213 |  |  | 330,928 |  |  | — |
Performance-based restricted stock units |  |  |  |  |  | 849,739 |  |  | — |  |  | — |
The Convertible Notes |  |  |  |  |  | 16,537,406 |  |  | 8,106,779 |  |  | — |
Weighted average shares of common stock - diluted |  |  |  |  |  | 311,841,347 |  |  | 192,293,277 |  |  | 113,467,837 |
Net income (loss) per share of common stock - diluted |  |  |  |  |  | $ | 1.72 |  |  | $ | 1.06 |  |  | $ | (6.12) |

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