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Earnings (Loss) Per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period, which includes the February 2023 Warrants (See Note 9, “Debt and Convertible Notes Payable”, and Note 13, “Stockholders’ Equity”). Diluted earnings (loss) per common share is calculated by dividing the adjusted net income (loss) by the weighted average number of common shares outstanding combined with dilutive common share equivalents outstanding, if the effect is dilutive. Potentially dilutive common share equivalents consist of incremental shares of common stock issuable upon conversion of convertible notes payable, exercise of stock warrants and vesting and settlement of stock awards. The dilutive effect of non-vested stock issued under share‑based compensation plans, shares issuable under the Employee Stock Purchase Plan (ESPP), employee stock options outstanding, and the Pre-Funded stock warrants are computed using the treasury stock method. The dilutive effect of the Convertible Notes is computed using the if‑converted method in accordance with ASU 2020-06, which was adopted by the Company on January 1, 2022 (see Note 2, “Summary of Significant Accounting Policies”). The calculation of the basic and diluted earnings (loss) per share for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30, |
| 2023 |  |  | 2022 |  | 2023 |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |
Net income (loss) for basic earnings per share | $ | (21) |  |  |  | $ | 6,240 |  |  | $ | 21,322 |  |  | $ | (4,484) |  |
Adjustments to net income available to shareholders |  |  |  |  |  |  |  |  |
Paid-in-Kind interest expense on convertible notes payable and Contract Consideration Convertible Notes Payable | 712 |  |  |  | 1,028 |  |  | 2,284 |  |  | 1,402 |  |
Valuation (gain)/loss on Contract Consideration Convertible Notes Payable carried at FV | (3,874) |  |  |  | (13,229) |  |  | (29,969) |  |  | (10,228) |  |
Adjusted net loss for diluted earnings per share | $ | (3,183) |  |  |  | $ | (5,961) |  |  | $ | (6,363) |  |  | $ | (13,310) |  |
Denominator: |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding | 143,433 |  |  |  | 74,861 |  |  | 121,244 |  |  | 73,476 |  |
Average number of diluted shares for convertible notes payable and Contract Consideration Convertible Notes Payable | 26,067 |  |  |  | 49,474 |  |  | 42,921 |  |  | 33,610 |  |
Diluted weighted average shares outstanding | 169,500 |  |  |  | 124,335 |  |  | 164,165 |  |  | $ | 107,086 |  |
Basic earnings (loss) per share | — |  |  |  | 0.08 |  |  | 0.18 |  |  | (0.06) |  |
Diluted loss per share | (0.02) |  |  |  | (0.05) |  |  | (0.04) |  |  | (0.12) |  |
Anti-dilutive incremental shares excluded from denominator for diluted earnings computation |
Average number of diluted shares for June 2022 stock warrants | 6,496 |  |  |  | 976 |  |  | 8,038 |  |  | 491 |  |
Average number of diluted shares for options and restricted stock | 545 |  |  |  | 692 |  |  | 718 |  |  | 662 |  |
For the three and six months ended June 30, 2023 and 2022, weighted average shares for the June 2022 stock warrants and weighted average shares for employee stock awards were not included in the dilution calculation since including them would have an anti-dilutive effect as it would reduce the loss per share.

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