Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Basic net income (loss) per common share is computed by dividing the net income (loss) relevant to the common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share uses the same net income divided by the sum of the weighted average number of shares of common stock outstanding during the period, plus dilutive effects of options, performance and restricted stock units outstanding during the period calculated using the treasury method and the potential dilutive effects of preferred stocks (if any) calculated using the if-converted method.

The table below shows the calculations for the three and six months ended June 30, 2023 and 2022 (in thousands, except for per share data):


	Three Months Ended June 30,
	2023		2022
Numerator (both basic and diluted)
Net income (loss) relevant to common stockholders	$	39,257	$	(32,860)

Denominator
Denominator for basic income per share	114,737		104,236
Dilutive effect of stock options	—		—
Dilutive effect of performance share units	—		—
Dilutive effect of restricted stock units	59		—
Denominator for diluted income per share	114,796		104,236

Basic income (loss) per common share	$	0.34	$	(0.32)
Diluted income (loss) per common share	$	0.34	$	(0.32)


	Six Months Ended June 30,
	2023		2022
Numerator (both basic and diluted)
Net income (loss) relevant to common stockholders	$	67,990	$	(21,043)

Denominator
Denominator for basic income per share	114,809		103,961
Dilutive effect of stock options	—		—
Dilutive effect of performance share units	84		—
Dilutive effect of restricted stock units	209		—
Denominator for diluted income per share	115,102		103,961

Basic income (loss) per common share	$	0.59	$	(0.20)
Diluted income (loss) per common share	$	0.59	$	(0.20)

As shown in the table below, the following stock options, restricted stock units and performance stock units have not been included in the calculation of diluted income per common share for the three and six months ended June 30, 2023 and 2022 because they will be anti-dilutive to the calculation of diluted net income per common share:


(in thousands)	Three Months Ended June 30,
	2023	2022
Stock options	341	587
Restricted stock units	2,007	1,207
Performance stock units	—	1,788
Total	2,348	3,582


(in thousands)	Six Months Ended June 30,
	2023	2022
Stock options	383	587
Restricted stock units	1,317	1,207
Performance stock units	—	1,788
Total	1,700	3,582