|
9. Earnings per Share
The following table sets forth the computation of basic and diluted net income per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Net (loss) income available to common stockholders |
|
$ |
(3,998 |
) |
|
$ |
821 |
|
Change in fair value of Ares Put Option (see Note 10) |
|
|
— |
|
|
|
(1,062 |
) |
Net loss available to common stockholders after assumed
conversions |
|
$ |
(3,998 |
) |
|
$ |
(241 |
) |
|
|
|
|
|
|
|
Weighted average common shares outstanding — Basic |
|
|
120,253 |
|
|
|
124,301 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
Restricted share units |
|
|
— |
|
|
|
4 |
|
Ares Put Option |
|
|
— |
|
|
|
1,128 |
|
Weighted average common shares outstanding — Diluted |
|
|
120,253 |
|
|
|
125,433 |
|
Net (loss) income per share available to common stockholders
— Basic |
|
$ |
(0.03 |
) |
|
$ |
0.01 |
|
Net loss per share available to common stockholders
— Diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.00 |
) |
The following potential shares of common stock have been excluded from the computation of diluted net income per share because their effect would have been antidilutive:
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Stock options |
|
|
1,306 |
|
|
|
897 |
|
Ares warrants |
|
|
1,100 |
|
|
|
1,100 |
|
Public and Private warrants |
|
|
17,333 |
|
|
|
17,333 |
|
Series A redeemable preferred stock |
|
|
8,418 |
|
|
|
8,347 |
|
RSUs and PSUs |
|
|
4,582 |
|
|
|
— |
|
Ares Put Option |
|
* |
|
|
|
— |
|
* Refer to the description of this instrument in Note 10.
|