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NET INCOME (LOSS) PER SHARE | 9 Months Ended
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Sep. 29, 2023
Earnings Per Share [Abstract] |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic earnings per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income (loss) by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock options, restricted stock units, and shares issuable under the ESPP, and the if-converted method for the 2024 Notes. As noted in Note 6, “Convertible Debt,” the principal amount of the 2024 Notes will be settled in cash. Therefore, for the purpose of calculating diluted net income (loss) per share, it will be assumed that the conversion spread value will be settled in shares. The following table sets forth the computation of the basic and diluted net income per share:
| Three Months Ended |  | Nine Months Ended
(in thousands, except per share amounts) | September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
Numerator: |  |  |  |  |  |  |
Net income (loss) | $ | (6,495) |  |  | $ | 8,740 |  |  | $ | 153 |  |  | $ | 22,051 |
Denominator: |  |  |  |  |  |  |
Weighted average number of shares outstanding: |  |  |  |  |  |  |
Basic | 112,031 |  |  | 105,228 |  |  | 111,431 |  |  | 104,617 |
2022 Notes | — |  |  | 3,078 |  |  | — |  |  | 2,718 |
2024 Notes | — |  |  | 2,678 |  |  | 4,919 |  |  | 1,569 |
Stock options | — |  |  | 218 |  |  | — |  |  | 238 |
Restricted stock units | — |  |  | 1,920 |  |  | 1,515 |  |  | 1,725 |
Stock purchase rights under the ESPP | — |  |  | 63 |  |  | 45 |  |  | 44 |
Diluted | 112,031 |  |  | 113,185 |  |  | 117,910 |  |  | 110,911 |
Net income (loss) per share: |  |  |  |  |  |  |
Basic | $ | (0.06) |  |  | $ | 0.08 |  |  | $ | — |  |  | $ | 0.21 |
Diluted | $ | (0.06) |  |  | $ | 0.08 |  |  | $ | — |  |  | $ | 0.20 |
The following table sets forth the potential dilutive shares that were excluded from the computation of diluted net income (loss) per share, because their effects were anti-dilutive:
| Three Months Ended |  | Nine Months Ended
(in thousands) | September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
2024 Notes | 3,650 |  |  | — |  |  | — |  |  | — |
Restricted stock units | 3,465 |  |  | 22 |  |  | 198 |  |  | 43 |
Stock purchase rights under the ESPP | 425 |  |  | — |  |  | — |  |  | — |
Total | 7,540 |  |  | 22 |  |  | 198 |  |  | 43 |

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