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Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2023
Net Income (Loss) per Share [Abstract]  
Net Income (Loss) per Share
15.Net Income (Loss) per Share

 

Basic earnings per share of Common Stock is calculated by dividing net income available to holders of Common stock by the weighted average number of shares of Common Stock outstanding for the period. The diluted earnings per share of Common Stock calculation assumes the issuance of all dilutive potential common shares outstanding. Dilutive potential Common Stock consists of incremental shares of Class A Common Stock issuable upon the exercise of the stock options.

   

The following table summarizes the calculation of basic and diluted net income (loss) per common share (in thousands, except per share data):

 

   Year Ended December 31, 
   2023   2022   2021 
Net income (loss)  $(58,990)  $(57,429)  $36,262 
                
Basic earnings per share               
Basic weighted average shares outstanding   378,557    373,067    366,651 
Basic earnings (loss) per share  $(0.16)  $(0.15)  $0.10 
                
Diluted earnings per share               
Basic weighted average shares outstanding   378,557    373,067    366,651 
Dilutive effect of stock options   —    —    65,599 
Diluted weighted average shares outstanding   378,557    373,067    432,250 
Diluted earnings (loss) per share  $(0.16)  $(0.15)  $0.08 

 

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

 

   Year Ended December 31, 
   2023   2022   2021 
Stock options   25,972    51,845    54 
Restricted stock units   5,971    7,084    7,041 
Warrants   125    125    125