v3.26.1
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (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 2032 Convertible Notes and 2028 Convertible Notes (collectively, “the 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 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 Convertible Notes will be included in the calculation of diluted EPS assuming conversion of the 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 income (loss) per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
NET INCOME (LOSS)$2,238 $(45,092)$(14,868)$(71,015)
Basic weighted average shares outstanding129,628 127,949 129,398 127,664 
Dilutive effect of stock options98 — — — 
Dilutive effect of restricted stock awards1,105 — — — 
Diluted weighted average shares outstanding130,831 127,949 129,398 127,664 
Basic net income (loss) per share$0.02 $(0.35)$(0.11)$(0.56)
Diluted net income (loss) per share$0.02 $(0.35)$(0.11)$(0.56)

The following potential dilutive shares were excluded from the calculation of diluted net income (loss) per share because their effect would be anti-dilutive (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Stock options— 1 117 97 
Restricted stock awards— 567 1,280 909 
2028 Convertible Notes4,845 5,215 5,030 5,215 
2032 Convertible Notes1,985 — 993 — 
In addition, 310,716 shares of PSU awards are excluded from the computation of diluted EPS for the three and six months ended June 30, 2026 as the contingency had not been satisfied.
In connection with the issuances of the 2032 Convertible Notes and 2028 Convertible Notes, the Company entered into separate, privately negotiated capped call transactions with option counterparties on June 16 and 17, 2026 and January 11, 2021, respectively, at costs of approximately $28.7 million and $29.3 million, respectively. In connection with the repurchase of $276.0 million aggregate principal amount of the 2028 Convertible Notes in June 2026, the Company terminated a proportionate portion of the 2021 Capped Call Transactions; the remaining 2021 Capped Call Transactions relate to the $69.0 million aggregate principal amount of 2028 Convertible Notes that remains outstanding. The capped call transactions are purchased call options on the Company's common stock and are therefore excluded from the calculation of diluted net income (loss) per share for the three and six months ended June 30, 2026 and 2025, as their effect would be anti-dilutive.
On June 22, 2026, the Company repurchased 2,383,222 shares of its common stock. The repurchased shares were excluded from the weighted-average common shares outstanding used in the calculation of basic and diluted earnings per share beginning on June 22, 2026. As a result, the repurchase reduced the weighted-average shares outstanding and had an accretive effect on earnings per share.