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Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net income (loss) per share

17. NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period. The Convertible and Redeemable Series A-2 Preferred Stock is considered a participating security during the applicable period. Net losses are not allocated to the Convertible and Redeemable Series A-2 stockholders, as they were not contractually obligated to share in the Company’s losses.

Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common and dilutive common equivalent shares outstanding for the period using the treasury-stock method or the if-converted method. Potentially dilutive shares are comprised of awards of restricted stock (RSAs), restricted stock units (RSUs), stock appreciation rights (SARs) and shares of common stock underlying stock options outstanding under the Company's stock incentive plans, as applicable. During the three and nine months ended September 30, 2024 there is no difference in the number of shares used to calculate basic and diluted shares outstanding during the applicable period due to the Company’s net loss attributable to common stockholders and potentially dilutive shares being anti-dilutive.

The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income (loss)

 

$

8,378

 

 

$

(10,564

)

 

$

7,375

 

 

$

(34,091

)

Convertible and Redeemable Series A-2 Preferred Stock dividend

 

 

—

 

 

 

(2,750

)

 

 

(4,150

)

 

 

(8,314

)

Net income (loss) attributable to common stockholders

 

 

8,378

 

 

 

(13,314

)

 

 

3,225

 

 

 

(42,405

)

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

  Weighted average common shares outstanding - basic

 

 

35,300

 

 

 

34,242

 

 

 

35,003

 

 

 

32,647

 

  Effect of dilutive stock options

 

 

1,390

 

 

 

—

 

 

 

1,243

 

 

 

—

 

  Effect of dilutive restricted stock

 

 

3,245

 

 

 

—

 

 

 

3,301

 

 

 

—

 

  Diluted

 

 

39,935

 

 

 

34,242

 

 

 

39,547

 

 

 

32,647

 

Net income (loss) per share attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

 

$

0.24

 

 

$

(0.39

)

 

$

0.09

 

 

$

(1.30

)

  Diluted

 

$

0.21

 

 

$

(0.39

)

 

$

0.08

 

 

$

(1.30

)

The following common stock equivalents were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders for the nine months ended September 30, 2025 and the three and nine months ended September 30, 2024 because their effect would have been anti-dilutive:

 

 

 

September 30,

 

 

 

2025(1)

 

 

2024(1)

 

Stock options

 

 

—

 

 

 

3,059,061

 

Restricted stock

 

 

—

 

 

 

2,629,026

 

Series A-2 Preferred Stock

 

 

5,353,478

 

 

 

4,448,404

 

SARs(2)

 

 

—

 

 

 

3,000,000

 

_____________________________

(1) Includes 2,950,220 and 7,891,144 common stock equivalents that are out of the money as of September 30, 2025 and September 30, 2024, respectively.

(2) 2021 Performance SARs were cancelled effective as of December 31, 2024.