Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2022

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