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NET (LOSS) INCOME PER SHARE | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
NET (LOSS) INCOME PER SHARE | NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period, plus potentially dilutive common shares, consisting of stock-based awards and equivalents, and convertible debt. For purposes of this calculation, stock-based awards and convertible debt are considered to be potential common shares and are only included in the calculation of diluted net income per share when their effect is dilutive. The Company uses the treasury-stock method to compute diluted earnings per share with respect to its stock-based awards and equivalents. The Company uses the if-converted method to compute diluted earnings per share with respect to its convertible debt. Under the if-converted method, the Company assumes any convertible debt outstanding was converted at the beginning of each period presented when the effect is dilutive. As a result, interest expense, net of tax, and any other income statement impact associat ed with the 2027 Convertible Notes, net of tax, is added back to net (loss) income used in the diluted earnings per share calculation. Additionally, the diluted shares used in the diluted earnings per share calculation includes the potential dilution effect of the convertible debt if converted into the Company’s common stock. For the three and nine months ended September 30, 2022, the Company’s potentially dilutive stock-based awards and convertible debt were included in the computation of diluted net income per share. However, as the Company was in a net loss position for the three and nine months ended September 30, 2023, the Company’s potentially dilutive stock-based awards and convertible debt were not included in the computation of diluted net loss per share, because to do so would be anti-dilutive. The following table reflects the calculation of basic and diluted (loss) earnings per common share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except for per share amounts):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Basic net (loss) income per share |  |  |  |  |  |  |
Net (loss) income | $ | (279,544) |  |  | $ | 4,174 |  |  | $ | (274,558) |  |  | $ | 21,072 |
Weighted-average common shares outstanding | 81,713 |  |  | 48,180 |  |  | 63,066 |  |  | 46,566 |
Basic net (loss) income per share | $ | (3.42) |  |  | $ | 0.09 |  |  | $ | (4.35) |  |  | $ | 0.45 |
Diluted net (loss) income per share |  |  |  |  |  |  |
Net (loss) income | $ | (279,544) |  |  | $ | 4,174 |  |  | $ | (274,558) |  |  | $ | 21,072 |
Add: Convertible debt interest expense, net of tax | — |  |  | 497 |  |  | — |  |  | 487 |
Adjusted net (loss) income | (279,544) |  |  | 4,671 |  |  | (274,558) |  |  | 21,559 |
Weighted-average common shares and share equivalents outstanding | 81,713 |  |  | 48,180 |  |  | 63,066 |  |  | 46,566 |
Add: effect of dilutive stock-based awards and equivalents | — |  |  | 1,960 |  |  | — |  |  | 1,462 |
Add: effect of dilutive convertible debt under if-converted method | — |  |  | 7,246 |  |  | — |  |  | 2,442 |
Denominator for diluted net (loss) income per share | 81,713 |  |  | 57,386 |  |  | 63,066 |  |  | 50,470 |
Diluted net (loss) income per share | $ | (3.42) |  |  | $ | 0.08 |  |  | $ | (4.35) |  |  | $ | 0.42 |
The following table reflects outstanding potentially dilutive common shares that are not included in the computation of diluted net (loss) income per share, because to do so would be anti-dilutive, for the three and nine months ended September 30, 2023 and 2022 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Convertible notes | 9,768 |  |  | — |  |  | 11,324 |  |  | — |
Stock-based awards and equivalents | 7,016 |  |  | 2,983 |  |  | 7,641 |  |  | 1,329 |
Total potentially dilutive common shares | 16,784 |  |  | 2,983 |  |  | 18,965 |  |  | 1,329

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