Three Months Ended

Nine Months Ended

September 30,

2023

2022

2023

2022

Numerator:

Net income (loss) attributable to AXT, Inc.

$

(5,823)

$

5,759

$

(14,260)

$

14,470

Less: Preferred stock dividends

(44)

(132)

Net income (loss) available to common stockholders

$

(5,867)

$

5,715

$

(14,392)

$

14,338

Denominator:

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

42,638

42,163

42,574

42,011

Effect of dilutive securities:

Common stock options

—

440

—

399

Restricted stock awards

—

379

—

308

Denominator for dilutive net income (loss) per common shares

42,638

42,982

42,574

42,718

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

Basic

$

(0.14)

$

0.14

$

(0.34)

$

0.34

Diluted

$

(0.14)

$

0.13

$

(0.34)

$

0.34

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

—

184

—

201

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

—

69

—

202