Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Basic income (loss) per common share is determined by dividing income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted income (loss) per share is computed by dividing the income (loss) attributable to common stockholders by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company's stock option grants and RSUs. 12,561,277 and 12,236,505 stock options and RSUs (common stock equivalents) were excluded from the calculation of diluted income per share for the three and six months ended June 30, 2023, respectively, because their inclusion would have been anti-dilutive.

Basic and diluted income (loss) per common share is computed as follows (in thousands except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income (loss) used for calculation of basic and diluted EPS	$	57,469	$	(41,304)	$	19,460	$	(107,747)

Denominator:
Weighted average shares outstanding, basic	61,880,096		61,384,943		61,845,151		61,354,721
Effect of dilutive securities:
Stock options and restricted stock units	381,550		—		185,559		—
Weighted average shares outstanding, diluted	62,261,646		61,384,943		62,030,710		61,354,721

Net income (loss) per share, basic	$	0.93	$	(0.67)	$	0.31	$	(1.76)
Net income (loss) per share, diluted	$	0.92	$	(0.67)	$	0.31	$	(1.76)