(Loss) Earnings Per Share

3 Months Ended

Mar. 31, 2023

The components of basic and diluted earnings (loss) per share are as follows (in thousands, except share and per share data):


	Three months ended March 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator for basic and diluted net (loss) income per common share:
Net (loss) income	$	(7,627)	$	(7,627)	$	24,537	$	24,537
Net income available to participating securities (1)	—		—		(11)		(11)
1.75% Convertible Notes interest expense (after-tax)	—		—		—		2,186
Net (loss) income available to the Company’s common shareholders	$	(7,627)	$	(7,627)	$	24,526	$	26,712
Denominator:
Basic weighted-average outstanding shares of common stock	46,987,249		46,987,249		47,054,411		47,054,411
Diluted effect of:
Equity incentive plans	—		—		—		192,835
Convertible debt	—		—		—		5,158,071
Diluted weighted-average outstanding shares of common stock	46,987,249		46,987,249		47,054,411		52,405,317

Net (loss) income per share	$	(0.16)	$	(0.16)	$	0.52	$	0.51

(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

For the three months ended March 31, 2023 and March 31, 2022, there were 1,830,097 and zero shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive. For the three months ended March 31, 2023, there were 5,158,071shares related to convertible debt excluded from the calculation as they were anti-dilutive. For the three months ended March 31, 2022, these shares were included in diluted shares because they were dilutive under the if-converted method for the diluted net income per share calculation of convertible debt instruments.