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PREFERRED AND COMMON STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
PREFERRED AND COMMON STOCKHOLDERS' EQUITY | PREFERRED AND COMMON STOCKHOLDERS' EQUITY The Company is authorized to issue up to 5.0 million shares of preferred stock, par value $0.01 per share. There were no shares of preferred stock outstanding at June 30, 2024. The Company is authorized to issue up to 150.0 million shares of common stock, par value $0.01 per share. There were 90.9 million shares of common stock issued and outstanding at June 30, 2024. Shares of common stock issued and outstanding
| Six months ended June 30,
(in millions) | 2024 |  |  | 2023
Beginning common stock issued and outstanding | 89.9 |  |  |  | 81.2 |
Common stock issued upon exercise of options, vesting of restricted stock units, and purchases under employee stock purchase plan | 1.0 |  |  |  | 0.7 |
Common stock issued and outstanding at end of period | 90.9 |  |  |  | 81.9 |
Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents, outstanding. In periods when the Company has a net loss, stock awards are excluded from the calculation of diluted net loss per share as their inclusion would have an antidilutive effect. The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations:
| Three months ended June 30, |  | Six months ended June 30,
(in millions) | 2024 |  |  | 2023 |  | 2024 |  |  | 2023
Denominator: |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding used to compute basic EPS | 90.6 |  |  |  | 81.7 |  |  | 90.3 |  |  |  | 81.5 |
Effect of dilutive shares | — |  |  |  | — |  |  | — |  |  |  | — |
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS | 90.6 |  |  |  | 81.7 |  |  | 90.3 |  |  |  | 81.5 |
Certain outstanding options and restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive shares of common stock, which may be dilutive to future diluted earnings per share, are as follows:
| Three months ended June 30, |  | Six months ended June 30,
(in millions) | 2024 |  |  | 2023 |  | 2024 |  |  | 2023
Anti-dilutive options and RSUs excluded from EPS computation | 6.2 |  |  |  | 5.5 |  |  | 6.2 |  |  |  | 5.5 |

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