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Earnings (Loss) per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings (Loss) per Share | Note 7. Earnings (Loss) per Share Basic earnings (loss) per share (“EPS”) excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Potentially dilutive securities (consisting primarily of the 2025 Convertible Notes calculated using the if-converted method and warrants, stock options and RSUs calculated using the treasury stock method) are excluded from the diluted EPS computation in loss periods and when their effect would be anti-dilutive. The calculation of basic and diluted earnings per share was as follows (in thousands, except per share data):
Schedule of Calculation of Basic and Diluted Earnings per Share |  |  |  |  |  |  |  |  |  |  |  |
|  | Income/(Loss) (Numerator) |  |  | Shares* (Denominator) |  |  | Per-Share Amount |
For the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |
Income (Loss) from continuing operations |  | $ | 7,543 |  |  |  |  |  |  |  |  |
Less: preferred stock dividends |  |  | (827 | ) |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to common stockholders |  |  | 6,716 |  |  |  | 12,337 |  |  | $ | 0.54 |
Income from discontinued operations, net of tax |  |  | 1,426 |  |  |  | 12,337 |  |  | $ | 0.12 |
Income (loss) attributable to common stockholders |  | $ | 8,142 |  |  |  | 12,337 |  |  | $ | 0.66 |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to common stockholders |  | $ | 6,716 |  |  |  | 12,337 |  |  |  |  |
Effect of dilutive 2025 Convertible Notes |  |  | (8,879 | ) |  |  | 882 |  |  |  |  |
Diluted EPS from continuing operations |  | $ | (2,163 | ) |  |  | 13,218 |  |  | $ | (0.16 | )
Income from discontinued operations, net of tax |  | $ | 1,426 |  |  |  | 12,337 |  |  |  |  |
Effect of dilutive 2025 Convertible Notes |  |  |  |  |  |  | 882 |  |  |  |  |
Diluted EPS from discontinued operations |  | $ | 1,426 |  |  |  | 13,218 |  |  | $ | 0.11 |
Income (loss) attributable to common stockholders |  | $ | 8,142 |  |  |  | 12,337 |  |  |  |  |
Effect of dilutive 2025 Convertible Notes |  |  | (8,879 | ) |  |  | 882 |  |  |  |  |
Diluted EPS from net income |  | $ | (737 | ) |  |  | 13,218 |  |  | $ | (0.06 | )
For the three months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Basic and Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Income (Loss) from continuing operations |  | $ | (22,025 | ) |  |  |  |  |  |  |  |
Less: preferred stock dividends |  |  | (756 | ) |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to common stockholders |  |  | (22,781 | ) |  |  | 11,697 |  |  | $ | (1.95 | )
Income from discontinued operations, net of tax |  |  | 220 |  |  |  | 11,697 |  |  | $ | 0.02 |
Income (loss) attributable to common stockholders |  | $ | (22,561 | ) |  |  | 11,697 |  |  | $ | (1.93 | )
For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Basic and Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Income (Loss) from continuing operations |  | $ | 2,106 |  |  |  |  |  |  |  |  |
Less: preferred stock dividends |  |  | (2,425 | ) |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to common stockholders |  |  | (319 | ) |  |  | 12,037 |  |  | $ | (0.03 | )
Income from discontinued operations, net of tax |  |  | 3,032 |  |  |  | 12,037 |  |  | $ | 0.25 |
Income (loss) attributable to common stockholders |  | $ | 2,713 |  |  |  | 12,037 |  |  | $ | 0.23 |
For the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Basic and Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Income (Loss) from continuing operations |  | $ | (35,109 | ) |  |  |  |  |  |  |  |
Less: preferred stock dividends |  |  | (2,218 | ) |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to common stockholders |  |  | (37,327 | ) |  |  | 11,225 |  |  | $ | (3.33 | )
Income from discontinued operations, net of tax |  |  | 3,263 |  |  |  | 11,225 |  |  | $ | 0.29 |
Income (loss) attributable to common stockholders |  | $ | (34,064 | ) |  |  | 11,225 |  |  | $ | (3.03 | )
(*) | Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1. Rounding may affect summation.
The following is a summary of outstanding anti-dilutive potential shares of common stock that have been excluded from diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive as of September 30, 2024 and 2023 (in thousands):
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |  |  |  |  |  |  |  |
|  | As of September 30, |
|  | 2024 |  |  | 2023 |
2025 Convertible Notes* |  |  | 847 |  |  |  | 1,409 |
Common stock warrants |  |  | 875 |  |  |  | – |
Non-qualified stock options |  |  | 318 |  |  |  | 732 |
Restricted stock units |  |  | 1,139 |  |  |  | 433 |
Employee stock purchase plan |  |  | – |  |  |  | 610 |
Total |  |  | 3,179 |  |  |  | 3,184 |
(*) The impact of the 2025 Convertible Notes was included in the computation of diluted EPS for the three months ended September 30, 2024 as it was dilutive for the period. Additional shares of the Company’s common stock, and warrants to purchase shares of the Company’s common stock, were issued after September 30, 2024. See Note 12. Subsequent Events for further details.

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