Basic earnings per share (“EPS”) is computed based on the weighted-average number of shares of common stock outstanding. Diluted EPS is computed based on the weighted-average number of shares of common stock outstanding plus common stock equivalents, where dilutive. The following is a calculation of basic and diluted EPS and weighted-average shares outstanding (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025
Net income (loss)	$	1,532	$	(9,751)

Weighted-average shares outstanding—basic	41,419		45,505
Add shares issuable from stock-based awards(1)	976		—
Weighted-average shares outstanding—diluted	42,395		45,505

Basic earnings (loss) per share	$	0.04	$	(0.21)
Diluted earnings (loss) per share	$	0.04	$	(0.21)

Dilutive shares issuable from unvested equity awards(1)	976		—
Anti-dilutive shares issuable from unvested equity awards(2)	2,303		2,554

(1) During the three months ended March 31, 2025, 0.7 million shares were excluded from the computation of shares contingently issuable upon exercise as we recognized a net loss.
(2) Represents outstanding stock-based awards that were anti-dilutive and excluded from the calculation of diluted earnings per share.