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Earnings Per Share | 9 Months Ended
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Sep. 30, 2024
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,
| 2024 |  | 2023
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net loss per common share: |  |  |  |  |  |
Net loss | $ | (48,577) |  |  | $ | (48,577) |  |  | $ | (30,971) |  |  | $ | (30,971) |
Plus: Convertible Notes interest expense (after-tax) | — |  |  | — |  |  | — |  |  | — |
Net income available to the Company’s common shareholders | $ | (48,577) |  |  | $ | (48,577) |  |  | $ | (30,971) |  |  | $ | (30,971) |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 43,924,158 |  |  | 43,924,158 |  |  | 46,062,097 |  |  | 46,062,097 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | — |  |  | — |  |  | — |
Convertible debt | — |  |  | — |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 43,924,158 |  |  | 43,924,158 |  |  | 46,062,097 |  |  | 46,062,097 |
Net loss per share | $ | (1.11) |  |  | $ | (1.11) |  |  | $ | (0.67) |  |  | $ | (0.67) |
| Nine months ended September 30,
| 2024 |  | 2023
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net loss per common share: |  |  |  |  |  |
Net loss | $ | (1,040) |  |  | $ | (1,040) |  |  | $ | (21,919) |  |  | $ | (21,919) |
Plus: Convertible Notes interest expense (after-tax) | — |  |  | — |  |  | — |  |  | — |
Net income available to the Company’s common shareholders | $ | (1,040) |  |  | $ | (1,040) |  |  | $ | (21,919) |  |  | $ | (21,919) |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 45,088,272 |  |  | 45,088,272 |  |  | 46,612,660 |  |  | 46,612,660 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | — |  |  | — |  |  | — |
Convertible debt | — |  |  | — |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 45,088,272 |  |  | 45,088,272 |  |  | 46,612,660 |  |  | 46,612,660 |
Net loss per share | $ | (0.02) |  |  | $ | (0.02) |  |  | $ | (0.47) |  |  | $ | (0.47) |
For the three and nine months ended September 30, 2024 and 2023, there were 1,879,840 and 1,512,611 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive due to the net loss during the 2024 and 2023 periods. For the three months ended September 30, 2024 and 2023, 4,213,808 and 5,158,071 shares, respectively, 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 the convertible debt instrument. For the nine months ended September 30, 2024 and 2023, 5,406,679 and 5,158,071 shares, respectively, 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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