Net (Loss) Income Per Share

12 Months Ended

Dec. 31, 2023

13.

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):


	Year Ended
	December 31,
	2023			2022			2021
Numerator
Net (loss) income	$	(6,389	)	$	293,156		$	76,713
Less: undistributed earnings allocated to participating securities					(283	)		(4,569	)
Net (loss) income allocable to common stockholders, basic		(6,389	)		292,873			72,144
Add: undistributed earnings allocated to Series B and warrants		-			283			4,569
Less: undistributed earnings allocated to Series B and warrants		-			-			(4,190	)
Add: interest expense on convertible notes		-			5,044			3,168
Less: removal of change in fair value of warrant liability		-			(1,801	)		-
Net (loss) income allocable to common stockholders, diluted	$	(6,389	)	$	296,399		$	75,691
Denominator
Weighted average shares used to compute net (loss) income allocable to common stockholders per share, basic		128,733			126,398			116,264
Effect of dilutive shares:
Stock-based compensation plans		-			2,774			3,075
Convertible Notes (as converted to common stock)		-			21,543			13,667
Effect of dilutive warrants		-			82			-
Weighted average shares used to compute net (loss) income allocable to common stockholders per share, diluted		128,733			150,797			133,006

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).


	December 31,
	2023		2022		2021
Outstanding securities not included in diluted net (loss) income allocable to common stockholders per share calculation (in thousands):
Stock options and stock awards		15,158		7,165		5,953
Convertible Notes (as converted to common stock)		21,543		-		-
Warrants (as exercisable into common stock)		-		-		1,883