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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings (loss) per share | Note 7 — Earnings (loss) per share Basic and diluted earnings (loss) per share calculations are calculated on the basis of the weighted average number of shares of the Company’s common stock outstanding during the respective periods. Diluted earnings (loss) per share give effect to all dilutive potential common shares outstanding during the period using the treasury stock method for stock options and other potentially dilutive securities. In computing diluted earnings (loss) per share, the average fair value of the Company’s common stock for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |  |  | (in thousands) |
Numerator - Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (4,502 | ) |  | $ | 830 |  |  | $ | (36,371 | ) |  | $ | (26,229 | )
Denominator – Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted–average shares – Basic |  |  | 52,793 |  |  |  | 52,593 |  |  |  | 52,773 |  |  |  | 51,091 |
Net (loss) income per share – Basic |  | $ | (0.09 | ) |  | $ | 0.02 |  |  | $ | (0.69 | ) |  | $ | (0.51 | )
Numerator - Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (4,502 | ) |  | $ | 830 |  |  | $ | (36,371 | ) |  | $ | (26,229 | )
Decrease in fair value of Private Placement Warrants |  | $ | — |  |  | $ | (8,345 | ) |  | $ | — |  |  | $ | (6,323 | )
Net loss – Diluted |  |  | (4,502 | ) |  |  | (7,515 | ) |  |  | (36,371 | ) |  |  | (32,552 | )
Denominator - Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted–average shares – Basic |  |  | 52,793 |  |  |  | 52,593 |  |  |  | 52,773 |  |  |  | 51,091 |
Incremental common shares from assumed exercise of Private Placement Warrants |  |  | — |  |  |  | 85 |  |  |  | — |  |  |  | 645 |
Weighted–average shares – Diluted |  |  | 52,793 |  |  |  | 52,677 |  |  |  | 52,773 |  |  |  | 51,736 |
Net loss per share – Diluted |  | $ | (0.09 | ) |  | $ | (0.14 | ) |  | $ | (0.69 | ) |  | $ | (0.63 | )
For the three and nine months ended September 30, 2022 and 2021, the following share equivalents were excluded from the computation of diluted net loss per share as the inclusion of such shares would be anti-dilutive. Common shares issuable for warrants, options, and restricted stock units (“RSUs”) represent the total amount of outstanding warrants, stock options, and restricted stock units as of September 30, 2022 and 2021, where antidilutive.
Antidilutive shares excluded: |  | Three months ended September 30, |  |  | Nine months ended September 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
| (in thousands) |  |  | (in thousands) |
Options |  |  | 5,190 |  |  |  | 4,775 |  |  |  | 5,190 |  |  |  | 4,775 |
Restricted Stock Units |  |  | 1,047 |  |  |  | 923 |  |  |  | 1,047 |  |  |  | 923 |
Warrants |  |  | 6,730 |  |  |  | 3,054 |  |  |  | 6,730 |  |  |  | 3,054 |
|  |  | 12,967 |  |  |  | 8,752 |  |  |  | 12,967 |  |  |  | 8,752 |

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