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EARNINGS (LOSS) PER SHARE | 9 Months Ended
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Sep. 30, 2023
EARNINGS (LOSS) PER SHARE |
EARNINGS (LOSS) PER SHARE | NOTE 6 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted average number of shares of Common Stock outstanding during each period. Diluted earnings per share is calculated by dividing the net income by the weighted-average number of shares of Common Stock outstanding during each period increased to include the number of additional shares of Common Stock that would have been outstanding if the potentially dilutive shares had been issued. In computing diluted earnings per share, basic earnings per share are adjusted to take into account the potential dilution that could occur upon: (i) the exercise of options granted under employee stock compensation plans using the treasury stock method; (ii) the exercise of warrants using the treasury stock method; and (iii) the conversion of the convertible notes using the “if-converted” method. ​ Basic and diluted net earnings (loss) per share attributable to common stockholders were calculated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended September 30, | ​ | ​ | Nine Months Ended September 30,
(In thousands, except share data) | ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2023 | ​ | ​ | 2022
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | $ | (1,852) | ​ | $ | (3,567) | ​ | $ | 14,356 | ​ | $ | (11,187)
Add: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial expenses of 2024 Notes* | ​ | $ | (1,766) | ​ | ​ | — | ​ | $ | (1,610) | ​ | ​ | —
Net income (loss) for diluted calculation | ​ | $ | (3,618) | ​ | $ | (3,567) | ​ | $ | 12,746 | ​ | $ | (11,187)
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares of Common Stock outstanding for basic calculation | ​ | ​ | 72,281,681 | ​ | ​ | 49,498,105 | ​ | ​ | 65,811,506 | ​ | ​ | 47,582,733
Weighted average dilutive effect of 2024 Notes | ​ | ​ | 11,500,998 | ​ | ​ | — | ​ | ​ | 13,981,660 | ​ | ​ | —
Weighted average dilutive effect of stock options | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,247,115 | ​ | ​ | —
Weighted average shares of Common Stock outstanding for diluted calculation | ​ | ​ | 83,782,679 | ​ | ​ | 49,498,105 | ​ | ​ | 81,040,281 | ​ | ​ | 47,582,733
​ * Financial expenses on 2024 Notes consists of add back of financial expense incurred during the period and inclusion of make-whole interest payments that will be incurred upon conversion. Diluted earnings (loss) per share do not include 19,429,910 and 18,399,260 shares of Common Stock underlying outstanding stock options and warrants of the Company for the three and nine months ended September 30, 2023, respectively, because the effect would be anti-dilutive. Diluted earnings (loss) per share do not include 33,922,624 and 33,295,154 shares of Common Stock underlying outstanding stock options, warrants and the 2024 Notes for the three and nine months ended September 30, 2022, respectively, because the effect would be anti-dilutive.

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