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Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2025

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Note 5. Net Income (Loss) Per Share

We calculate basic and diluted net income (loss) per share using the weighted average number of common shares outstanding during the periods presented. In periods of a net loss position, basic and diluted weighted average common shares are the same. For the diluted earnings per share calculation, we adjust the weighted average number of common shares outstanding to include dilutive stock options, unvested restricted stock units and shares associated with the conversion of the Company’s 0.75% Convertible Senior Notes due in 2026 (the “2026 Senior Notes”), the Company’s 3.0% Convertible Senior Notes due in 2025 (the “2025 Senior Notes”) (together with the 2026 Senior Notes, the “Convertible Senior Notes”) and the Company’s 4.0% Series C Convertible Preferred Stock (“Series C Preferred Stock”) outstanding during the periods, using the treasury stock method or the “if converted” method as applicable.

The following shows the amounts used in computing net income (loss) per share (in thousands, except per share data):


		Three Months Ended						Six Months Ended
			June 30,						June 30,
		2025			2024			2025			2024
Loss from continuing operations		$	(12,014)		$	(76,420)		$	(18,752)		$	(91,455)
Income (loss) from discontinued operations			117,194			(1,569)			111,951			(5,429)
Net income (loss)		$	105,180		$	(77,989)		$	93,199		$	(96,884)
Paid-in-kind dividend on Series C Preferred Stock			(2,000)			(2,000)			(4,000)			(4,000)
Net income (loss) attributable to common stockholders		$	103,180		$	(79,989)		$	89,199		$	(100,884)
Loss from continuing operations — basic and diluted		$	(0.28)		$	(1.59)		$	(0.45)		$	(1.94)
Net income (loss) per share from discontinued operations — basic and diluted		$	2.33		$	(0.03)		$	2.23		$	(0.11)
Net income (loss) per share — basic and diluted		$	2.05		$	(1.62)		$	1.78		$	(2.05)
Weighted average common shares issued and outstanding — basic and diluted			50,257,112			49,345,644			50,102,918			49,182,830

The following table sets forth the number of shares excluded from the computation of diluted income (loss) per share, as their inclusion would have been anti-dilutive:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2025		2024		2025		2024
Stock options		521,769		1,910,321		555,018		1,575,421
Restricted stock units		1,136,619		1,108,779		1,136,619		1,108,779
Series C preferred stock		6,257,168		6,013,015		6,257,168		6,013,015
Conversion of 2026 Senior Notes		1,583,280		3,071,445		1,583,280		3,071,445
Conversion of 2025 Senior Notes		—		599,954		—		599,954
		9,498,836		12,703,514		9,532,085		12,368,614