XML 38 R23.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Basic and Diluted (Loss) Income per Common Share | 12 Months Ended
--- | ---
Dec. 31, 2023
Earnings Per Share [Abstract] |
Basic and Diluted (Loss) Income per Common Share | 15. Basic and Diluted (Loss) Income per Common Share Basic net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period. The Company is in a net loss position for the years ended December 31, 2023 and 2021, and therefore diluted shares equals basic shares. The components of basic and diluted (loss) income per share are as follows:
|  |  | Year ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
|  |  |  |  | (In thousands, except share and per share amounts)
Earnings per share |  |  |  |  |  |  |  |  |
Net (loss) income attributable to common stockholders |  |  |  |  | $ | (16,343) |  |  | $ | 19,570 |  |  | $ | (27,362) |
Net (loss) income per share: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | $ | (0.64) |  |  | $ | 0.77 |  |  | $ | (1.09) |
Diluted |  |  |  |  | $ | (0.64) |  |  | $ | (0.48) |  |  | $ | (1.09) |
Numerator used to compute net (loss) income per share: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | $ | (16,343) |  |  | $ | 19,570 |  |  | $ | (27,362) |
Net gain on extinguishment of debt, net of taxes |  |  |  |  | — |  |  | (39,614) |  |  | — |
Interest expense on convertible notes, net of taxes |  |  |  |  | — |  |  | 5,147 |  |  | — |
Diluted (1) |  |  |  |  | $ | (16,343) |  |  | $ | (14,897) |  |  | $ | (27,362) |
Weighted average number of common shares outstanding: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | 25,612,724 |  |  | 25,282,796 |  |  | 25,090,916 |
Convertible debt conversion |  |  |  |  | — |  |  | 5,625,073 |  |  | — |
Diluted |  |  |  |  | 25,612,724 |  |  | 30,907,869 |  |  | 25,090,916 |
________________________ (1) Upon the adoption of ASU 2020-06, net income is adjusted for the reversal of the net gain on extinguishment of debt and add back of interest expense as part of the calculation for diluted Non-GAAP earnings per share. See Note 8, “Debt,” to the consolidated financial statements, for additional details on the adoption of ASU 2020-06. The following common share equivalents were excluded from the weighted average shares used to calculate net (loss) income per common share because their effects would have been anti-dilutive:
| As of December 31,
| 2023 |  | 2022 |  | 2021
Stock options issued and outstanding | 97,480 |  |  | 159,741 |  |  | 180,209 |
Restricted stock units issued and outstanding | 5,911,794 |  |  | 2,607,106 |  |  | 344,486 |
Convertible senior notes (1) (2) | 3,442,229 |  |  | — |  |  | 987,149 |
Total | 9,451,503 |  |  | 2,766,847 |  |  | 1,511,844 |
________________________ (1) As of December 31, 2022, subsequent to adopting ASU 2020-06 as of January 1, 2022, the Company used the if-converted method to calculate the dilutive impact of the 2026 Convertible Notes and 2028 Convertible Notes on diluted income per share, if applicable. The Company expected to settle the principal amount of these notes in cash and any excess in shares of the Company’s Class A common stock. The diluted shares were calculated based on the initial conversion rate of 10.9857 and 5.5781 shares per $0.001 of the aggregate principal amount for the 2026 Convertible Notes and 2028 Convertible Notes, respectively. See Note 8, “Debt” to the consolidated financial statements, for additional details on the adoption of ASU 2020-06 and for additional details on the Company’s Convertible Notes. (2) As of December 31, 2021, the Company used the treasury stock method to calculate the dilutive impact of the 2026 Convertible Notes and the 2028 Convertible Notes because at that time the Company expected to settle the principal amount of these notes in cash and any excess in shares of the Company’s Class A common stock. As of December 31, 2021, the conversion spread, calculated using the average market price of Class A common stock during the period consistent with the treasury stock method, had a dilutive impact for the 2026 Convertible Notes on diluted net income per share of Class A common stock when the average market price of the Company’s Class A common stock for a given period exceeded the conversion price of $91.03 per share. As of December 31, 2021, the conversion spread for the 2028 Convertible Notes was anti-dilutive as the average market price of the Company’s Class A common stock for a given period did not exceed the conversion price of $179.27 per share.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration