INCOME (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net income (loss) per share of Common Stock for the years ended December 31, 2023, 2022 and 2021 (in thousands, except share amounts and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Basic and diluted net income (loss) per share:
Numerator
Net Income (loss)	$	(52,934)	$	(234,380)	$	120,348
Less: Net income (loss) attributable to noncontrolling interests	2,476		3,229		1,680
Basic net income (loss) attributable to common stockholders	(55,410)		(237,609)		118,668

Diluted net income (loss) attributable to common stockholders	(55,410)		(237,609)		118,668
Plus: Interest expense from assumed conversion of convertible senior notes	—		—		4,643
Net income (loss) attributable to common stockholders plus assumed conversions	$	(55,410)	$	(237,609)	$	123,311

Denominator
Shares used in computation of basic net income (loss) per share	31,243,179		30,166,100		29,365,880
Weighted-average effect of diluted securities:
Restricted stock units	—		—		624,794
Performance share units and other stock-based compensation awards	—		—		89,065
Convertible senior notes due 2022	—		—		858,517
Convertible senior notes due 2026	—		—		2,575,184
Shares used in computation of diluted net income (loss) per share	31,243,179		30,166,100		33,513,440

Net income (loss) per share:
Basic	$	(1.77)	$	(7.88)	$	4.04
Diluted	$	(1.77)	$	(7.88)	$	3.68

Schedule of Weighted-Average Potentially Dilutive Instruments

The following weighted-average potentially dilutive instruments are not included in the diluted net income (loss) per share calculations above because they would have had an antidilutive effect on the net income (loss) per share:


	Year Ended December 31,
	2023	2022	2021
Restricted stock units	1,475,683	2,587,585	500,763
Stock options	2,477,793	—	—
Performance share units and other stock-based compensation awards	138,962	97,203	—
Convertible senior notes due 2026 (1)	3,376,400	3,376,400	—
Warrants	—	—	877,595
Capped call transactions	3,376,400	3,376,400	2,575,184
Total	10,845,238	9,437,588	3,953,542

(1)We apply the if-converted method in computing the effect of our convertible senior notes on diluted net income (loss) per share, whereby the numerator of our diluted net income (loss) per share computations is adjusted for interest expense, net of tax, and the denominator is adjusted for the number of shares into which the convertible senior notes could be converted. The effect is only included in the calculation of income (loss) per share for those instruments for which it would reduce income (loss) per share. See Note 7, Financing Arrangements, for additional information.