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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The components of basic and diluted earnings (loss) per share are as follows (in thousands, except share and per share data):
| Three months ended September 30,
| 2023 |  | 2022
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net (loss) income per common share: |  |  |  |  |  |
Net (loss) income | $ | (30,971) |  |  | $ | (30,971) |  |  | $ | 18,185 |  |  | $ | 18,185 |
Less: Net income available to participating securities (1) | — |  |  | — |  |  | (4) |  |  | (4) |
Plus: 1.75% Convertible Notes interest expense (after-tax) | — |  |  | — |  |  | — |  |  | — |
Net (loss) income available to the Company’s common shareholders | $ | (30,971) |  |  | $ | (30,971) |  |  | $ | 18,181 |  |  | $ | 18,181 |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 46,062,097 |  |  | 46,062,097 |  |  | 46,871,897 |  |  | 46,871,897 |
Diluted effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | — |  |  | — |  |  | — |
Convertible debt | — |  |  | — |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 46,062,097 |  |  | 46,062,097 |  |  | 46,871,897 |  |  | 46,871,897 |
Net (loss) income per share | $ | (0.67) |  |  | $ | (0.67) |  |  | $ | 0.39 |  |  | $ | 0.39 |
(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
| Nine months ended September 30,
| 2023 |  | 2022
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net loss per common share: |  |  |  |  |  |
Net loss | $ | (21,919) |  |  | $ | (21,919) |  |  | $ | (3,714) |  |  | $ | (3,714) |
Less: Net income available to participating securities (1) | — |  |  | — |  |  | — |  |  | — |
Plus: 1.75% Convertible Notes interest expense (after-tax) | — |  |  | — |  |  | — |  |  | — |
Net loss available to the Company’s common shareholders | $ | (21,919) |  |  | $ | (21,919) |  |  | $ | (3,714) |  |  | $ | (3,714) |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 46,612,660 |  |  | 46,612,660 |  |  | 46,967,671 |  |  | 46,967,671 |
Diluted effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | — |  |  | — |  |  | — |
Convertible debt | — |  |  | — |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 46,612,660 |  |  | 46,612,660 |  |  | 46,967,671 |  |  | 46,967,671 |
Net loss per share | $ | (0.47) |  |  | $ | (0.47) |  |  | $ | (0.08) |  |  | $ | (0.08) |
(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 September 30, 2023 and 2022, there were 1,512,611 and 1,278,330 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive primarily due to the net loss during the 2023 period and the average stock price during the 2022 period. For the nine months ended September 30, 2023 and 2022, there were 1,512,611 and 1,278,330 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive primarily due to the net loss during each period. For the three and nine months ended September 30, 2023 and 2022, 5,158,071 shares related to convertible debt were excluded from diluted shares because they were anti-dilutive under the if-converted method for the diluted net income per share calculation of convertible debt instruments.

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