| NET INCOME (LOSS) PER SHARE |
NET INCOME (LOSS) PER SHARE Net income (loss) per share is calculated in accordance with ASC 260 - Earnings Per Share. Basic income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. For the three and nine months ended September 30, 2024 and 2023, the Company recorded net income (loss) and as such, the Company calculated the impact of dilutive common stock equivalents in determining diluted earnings per share. The following table presents the total potential securities that were not included in the computation of diluted income (loss) per share, as their inclusion would have been anti-dilutive:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | | Warrants | | 324,375 | | | 324,375 | | | 324,375 | | | 324,375 | | | | | Restricted stock units | | 8,064,856 | | | 3,753,431 | | | — | | | — | | | | Performance-based restricted stock units (1) | | 5,614,236 | | | — | | | — | | | — | | | | | Convertible notes | | 20,224,952 | | | 4,341,422 | | | 20,224,952 | | | 4,341,422 | | | | | Series A Preferred Stock | | — | | | 249,066 | | | — | | | 331,145 | | | | | Total dilutive shares | | 34,228,419 | | | 8,668,294 | | | 20,549,327 | | | 4,996,942 | | | |
(1) Anti-dilutive performance-based restricted stock units are presented at 200% as the total potential vested shares. Refer to Note 13 - Stock-based Compensation, for further information.
The following table sets forth the computation of basic and diluted income (loss) per share:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands, except share and per share data) | | 2024 | | 2023 | | 2024 | | 2023 | | | Basic earnings per share of common stock: | | | | | | | | | | | Net income (loss) per share of common stock - basic | | $ | (124,789) | | | $ | (390) | | | $ | 12,725 | | | $ | 107,226 | | | | Weighted average shares of common stock - basic | | 294,942,685 | | | 179,602,722 | | | 277,643,666 | | | 169,162,821 | | | | Net income (loss) per share of common stock - basic | | $ | (0.42) | | | $ | — | | | $ | 0.05 | | | $ | 0.63 | | | | | | | | | | | | | | | Diluted earnings per share of common stock: | | | | | | | | | | | Net income (loss) per share of common stock - basic | | $ | (124,789) | | | $ | (390) | | | $ | 12,725 | | | $ | 107,226 | | | | | Add: Notes interest expense, net of tax | | — | | | 938 | | | — | | | 3,416 | | | | Less: Gain from extinguishment of debt, net of tax | | — | | | (62,910) | | | — | | | (62,910) | | | | | | | | | | | | | | | Net income (loss) per share of common stock - diluted | | $ | (124,789) | | | $ | (62,362) | | | $ | 12,725 | | | $ | 47,732 | | | | Weighted average shares of common stock - basic | | 294,942,685 | | | 179,602,722 | | | 277,643,666 | | | 169,162,821 | | | | | Restricted stock units | | — | | | — | | | 4,426,110 | | | 209,813 | | | | | Performance-based restricted stock units | | — | | | — | | | 581,258 | | | — | | | | | Convertible notes | | — | | | 4,134,048 | | | — | | | 5,020,474 | | | | | | | | | | | | | | | Weighted average shares of common stock - diluted | | 294,942,685 | | | 183,736,770 | | | 282,651,034 | | | 174,393,108 | | | | Net income (loss) per share of common stock - diluted | | $ | (0.42) | | | $ | (0.34) | | | $ | 0.05 | | | $ | 0.27 | | | |
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