Earnings (Net Loss) Per Share

9 Months Ended

Sep. 30, 2024

3. Earnings (Net Loss) Per Share

Basic earnings (net loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (net loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents.


	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2024		2023			2024		2023
Net income (loss) - basic and diluted	$	32,765	$	(65,176	)	$	82,709	$	(107,083	)
Weighted average shares outstanding:
Basic		165,974		164,234			165,443		163,488
Effect of potentially dilutive common shares from:
Equity awards		154		—			623		—
Employee stock purchase plan rights		50		—			70		—
Diluted		166,178		164,234			166,136		163,488

Earnings (net loss) per share:
Basic	$	0.20	$	(0.40	)	$	0.50	$	(0.65	)
Diluted	$	0.20	$	(0.40	)	$	0.50	$	(0.65	)

Potentially dilutive shares excluded from per share amounts as their effect would have been anti-dilutive		20,218		22,109			18,444		22,109