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Net (Loss) Income Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Net (Loss) Income Per Share | Net (Loss) Income Per Share Basic net (loss) income per common share is computed by dividing the net (loss) income relevant to the common stockholders by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share uses the same net (loss) 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 stock units ("PSUs") and restricted stock units ("RSUs") 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 nine months ended September 30, 2024 and 2023 (in thousands, except for per share data):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator (both basic and diluted) |  |  |  |  |  |  |  |
Net (loss) income relevant to common stockholders |  | $ | (137,067) |  |  | $ | 34,753 |  |  | $ | (120,797) |  |  | $ | 102,743 |
Denominator |  |  |  |  |  |  |  |
Denominator for basic income per share |  | 104,121 |  |  | 112,286 |  |  | 106,314 |  |  | 113,960 |
Dilutive effect of stock options |  | — |  |  | — |  |  | — |  |  | — |
Dilutive effect of performance share units |  | — |  |  | — |  |  | — |  |  | 56 |
Dilutive effect of restricted stock units |  | — |  |  | 412 |  |  | — |  |  | 278 |
Denominator for diluted income per share |  | 104,121 |  |  | 112,698 |  |  | 106,314 |  |  | 114,294 |
Basic (loss) income per common share |  | $ | (1.32) |  |  | $ | 0.31 |  |  | $ | (1.14) |  |  | $ | 0.90 |
Diluted (loss) income per common share |  | $ | (1.32) |  |  | $ | 0.31 |  |  | $ | (1.14) |  |  | $ | 0.90 |
As shown in the table below, the f ollowing stock options, RSUs and PSUs have not been included in the calculation of diluted income per common share for the three and nine months ended September 30, 2024 and 2023 because they will be anti-dilutive to the calculation of diluted net (loss) income per common share:
(in thousands) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock options |  | 179 |  |  | 196 |  |  | 179 |  |  | 320 |
Restricted stock units |  | 3,243 |  |  | 452 |  |  | 3,243 |  |  | 611 |
Performance stock units |  | 1,381 |  |  | — |  |  | 1,381 |  |  | — |
Total |  | 4,803 |  |  | 648 |  |  | 4,803 |  |  | 931 |

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