v3.25.2
Net Loss Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The Company presents both basic earnings per share (“EPS”) and diluted EPS. Basic EPS excludes potential dilution and is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options were exercised, stock awards vested and if the 2028 Convertible Notes and 2025 Convertible Notes were converted. The potential dilution from stock awards is accounted for using the treasury stock method based on the average market value of the Company’s common stock. The potential dilution from conversion of the 2028 Convertible Notes and 2025 Convertible Notes is accounted for using the if-converted method, which requires that all of the shares of the Company’s common stock issuable upon conversion of the 2028 Convertible Notes and the 2025 Convertible Notes will be included in the calculation of diluted EPS assuming conversion of the 2028 Convertible Notes and the 2025 Convertible Notes at the beginning of the reporting period (or at time of issuance, if later).
The following table shows the calculations (in thousands, except net loss per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
NET LOSS$(45,092)$(18,642)$(71,015)$(45,703)
Basic weighted average shares outstanding127,949 126,405 127,664 126,257 
Diluted weighted average shares outstanding127,949 126,405 127,664 126,257 
Basic net loss per share$(0.35)$(0.15)$(0.56)$(0.36)
Diluted net loss per share$(0.35)$(0.15)$(0.56)$(0.36)

The following potential dilutive shares were excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Stock options1 406 97 477 
Restricted stock awards567 1,012 909 1,026 
2025 Convertible Notes— 5,538 — 5,538 
2028 Convertible Notes5,215 5,215 5,215 5,215 
In addition, 588,611 shares of PSU awards are excluded from the computation of diluted EPS for the three and six months ended June 30, 2025 as the contingency had not been satisfied.
In connection with the 2028 Convertible Notes offering, on January 11, 2021, the Company entered into separate, privately negotiated convertible note hedge transactions (collectively, the “Capped Call Transactions”) with option counterparties pursuant to capped call confirmations at a cost of approximately $29.3 million. The potential effect of the Capped Call Transactions was excluded from the calculation of diluted net loss per share in the three and six months ended June 30, 2025 as
the Company’s common stock closing price of $7.31 on June 30, 2025 did not exceed the conversion price of $85.75 per share. The Capped Call Transactions are not reflected in diluted net loss per share as they are anti-dilutive.