Net Income Per Share

6 Months Ended

Jun. 30, 2023

9. Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) 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 income (loss) and diluted net income per share computations for our common stock are calculated as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023			2022
Numerator
Net income (loss)	$	3,431	$	128,755	$	(20,901	)	$	161,614
Less: undistributed earnings allocated to participating securities		-		-		-			(316	)
Net income (loss) attributable to common stockholders, basic		3,431		128,755		(20,901	)		161,298
Add: undistributed earnings allocated to participating securities		-		-		-			316
Less: removal of change in fair value of warrant liability		-		-		-			(1,801	)
Add: interest expense on convertible notes		1,266		1,260		-			2,519
Net income (loss) attributable to common stockholders, diluted	$	4,697	$	130,015	$	(20,901	)	$	162,332
Denominator
Weighted average common stock outstanding, basic		128,625		126,347		128,275			125,456
Effect of dilutive shares:
Stock-based compensation plans		1,974		2,015		-			2,659
Dilutive warrants		-		-		-			163
Convertible Notes (as converted to common stock)		21,543		21,543		-			21,543
Weighted average common stock outstanding, diluted		152,142		149,905		128,275			149,821

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Outstanding securities not included in diluted net income (loss) per share calculation:
Stock options and stock awards		6,900		9,647		15,532		9,067
Convertible Notes (as converted to common stock)		-		-		21,543		-
Total		6,900		9,647		37,075		9,067