Three Months Ended

Six Months Ended

June 30,

2023

2022

2023

2022

Numerator:

Net income (loss) attributable to AXT, Inc.

$

(5,089)

$

5,546

$

(8,437)

$

8,711

Less: Preferred stock dividends

(44)

(88)

Net income (loss) available to common stockholders

$

(5,133)

$

5,502

$

(8,525)

$

8,623

Denominator:

Denominator for basic net income (loss) per share - weighted-average common shares

42,586

42,001

42,542

41,935

Effect of dilutive securities:

Common stock options

—

284

—

379

Restricted stock awards

—

226

—

272

Denominator for dilutive net income (loss) per common shares

42,586

42,511

42,542

42,586

Net income (loss) attributable to AXT, Inc. per common share:

Basic

$

(0.12)

$

0.13

$

(0.20)

$

0.21

Diluted

$

(0.12)

$

0.13

$

(0.20)

$

0.20

Options excluded from diluted net income (loss) per share as the impact is anti-dilutive

1,200

392

1,200

220

Restricted stock excluded from diluted net income (loss) per share as the impact is anti-dilutive

1,019

362

1,019

352