Net Income Per Share

3 Months Ended

Mar. 31, 2023

9. Net (Loss) Income Per Share

Basic net (loss) income per share is computed by dividing net (loss) income attributable to common stockholders by the weighted-average number of shares of our common stock outstanding.

For the calculation of diluted net income per share, net income attributable to common stockholders for basic net income per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans and change in fair value of warrant liability. Diluted net income per share attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding.

The numerators and denominators of the basic net (loss) income and diluted net income per share computations for our common stock are calculated as follows (in thousands):


	Three Months Ended
	March 31,
	2023			2022
Numerator
Net (loss) income	$	(24,332	)	$	32,859
Less: undistributed earnings allocated to participating securities		-			(131	)
Net (loss) income attributable to common stockholders, basic		(24,332	)		32,728
Add: undistributed earnings allocated to participating securities		-			131
Less: removal of change in fair value of warrant liability		-			(1,801	)
Add: interest expense on convertible notes		-			1,259
Net (loss) income attributable to common stockholders, diluted	$	(24,332	)	$	32,317
Denominator
Weighted average common stock outstanding, basic		127,921			124,555
Effect of dilutive shares:
Stock-based compensation plans		-			3,001
Dilutive warrants		-			326
Convertible Notes (as converted to common stock)		-			21,543
Weighted average common stock outstanding, diluted		127,921			149,425

The following were excluded from the calculation of diluted net (loss) income per share as the effect of their inclusion would have been anti-dilutive (in thousands).


	Three months ended March 31,
	2023		2022
Outstanding securities not included in diluted net (loss) income per share calculation:
Stock options and stock awards		15,622		8,415
Convertible Notes (as converted to common stock)		21,543		-
Total		37,165		8,415