EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2023

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding during the period. For periods in which the Company reports net income, diluted net earnings per share is determined by using the weighted average number of common and dilutive common equivalent shares outstanding during the period, unless the effect is antidilutive.

The shares used to compute loss per share were as follows (in thousands):


	Three months ended
	March 31, 2023	March 31, 2022
Weighted average shares outstanding - basic	168,541	149,167
Potential dilutive common shares	—	—
Weighted average shares outstanding - diluted	168,541	149,167

Options to purchase the Company's common stock and unvested restricted and performance-based stock units aggregating 11.9 million shares and 8.4 million shares were excluded from the computation of diluted loss per share for the three months ended March 31, 2023 and 2022, respectively, because their effect would have been antidilutive.

The potential effect from the Warrants issued on March 28, 2023 on weighted average shares outstanding for the calculation of diluted earnings (loss) per share was de minimis for the three months ended March 31, 2023. Dividends payable on the Preferred Stock will not be an adjustment to net income (loss) used for the calculation of diluted earnings (loss) per share as the dividends will be included in the fair value adjustment of the Preferred Stock which will be reflected each reporting period in Other income (expense), net.