Quarterly report pursuant to Section 13 or 15(d)

(Loss) Earnings per Share

v3.23.3
(Loss) Earnings per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
(Loss) Earnings per Share (Loss) Earnings per Share
Basic and diluted (loss) earnings per share for the three and nine months ended September 30, 2023 and 2022, respectively consisted of the following (in thousands, except per share data):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2023 2022 2023 2022
Numerator (Basic and Diluted):
Net (loss) income $ (9,240) $ 21,362  $ (23,802) $ 96,313 
Change in value for stock settled consideration(3)
11  (12) 48  (50)
Adjusted net (loss) income $ (9,229) $ 21,350  $ (23,754) $ 96,263 
Denominator:
Basic
Weighted average common shares issued and outstanding 38,509 39,983 38,755 39,881
Deduct: Unvested RSAs (1)
(17) (12) (15) (12)
Add: Fully vested DSUs (2)
— 115 — 169
Weighted average common shares outstanding 38,492 40,086 38,740 40,038
Basic (loss) earnings per common share $ (0.24) $ 0.53  $ (0.61) $ 2.40 
Diluted
Weighted average common shares outstanding from above 38,492 40,086 38,740 40,038
Add: Dilutive effect of RSUs, RSAs & ESPP(5)
— 131 — 235
Add: Contingently issuable shares(3)(5)
— 85 — 85
Weighted average common shares outstanding 38,492 40,302 38,740 40,358
Diluted (loss) earnings per common share $ (0.24) $ 0.53  $ (0.61) $ 2.39 
Antidilutive shares excluded from diluted earnings per common share(4)
1,069 1,046 1,754 1,041
(1)RSAs were issued and outstanding to the non-employee directors and have a one-year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information.
(2)Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 9 – “Stock-Based Compensation Plans” for additional information.
(3)Relates to contingently issuable stock settled consideration.
(4)Primarily pertaining to RSU grants to the Company’s employees and independent contractors.
(5)Shares related to the Company's RSUs, RSAs, ESPP, and contingently issuable shares were excluded from the weighted average common shares outstanding for the three and nine months ended September 30, 2023 because inclusion of such shares would be antidilutive in a period of loss.