v3.26.3
Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Basic net income (loss) per common share is computed by dividing the net income (loss) relevant to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share uses the same net income divided by the sum of the weighted average number of shares of common stock outstanding during the period, plus dilutive effects of options, performance share units ("PSUs") and restricted stock units ("RSUs") outstanding during the period calculated using the treasury method and the potential dilutive effects of our outstanding Convertible Notes and preferred stock (if any) calculated using the if-converted method. Under the if-converted method, diluted earnings per
share are determined by assuming that outstanding Convertible Notes were converted into shares of our common stock at the beginning of the reporting period or date of issuance of Convertible Notes (if later). Furthermore, the denominator of the diluted earnings per share calculation is adjusted to reflect the full number of common shares issuable upon conversion of our Convertible Notes while the numerator is adjusted to add back interest and amortization expense for the period related to our Convertible Notes. In periods when we recognize a net loss, we exclude the impact of outstanding options, PSUs and RSUs and the potential share settlement impact related to our Convertible Notes from the diluted loss per share calculation as their inclusion would have an antidilutive effect.
The table below shows the calculations for the three and nine months ended September 30, 2026 and 2025 (in thousands, except for per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Numerator (basic)
Net income (loss) relevant to common stockholders$13,018 $(2,365)$1,262 $82 
Numerator (diluted)
Net income (loss) relevant to common stockholders$13,018 $(2,365)$1,262 $82 
Interest expense on convertible notes - net of income taxes760 — — — 
Net income (loss) relevant to common stockholders after adding back interest expense on convertible notes - net of income taxes$13,778 $(2,365)$1,262 $82 
Denominator
Denominator for basic income (loss) per share122,846 103,974 120,846 103,733 
Dilutive effect of stock options— — — — 
Dilutive effect of performance share units992 — 973 403 
Dilutive effect of restricted stock units1,034 — 1,475 838 
Dilutive effect of convertible notes (1)
29,782 — — — 
Denominator for diluted income (loss) per share154,654 103,974 123,294 104,974 
Basic income (loss) per common share$0.11 $(0.02)$0.01 $— 
Diluted income (loss) per common share$0.09 $(0.02)$0.01 $— 
(1)Represents shares issuable upon the conversion of our $690.0 million aggregate principal amount of Convertible Notes based on an initial conversion price of approximately $23.17 per share of common stock assuming physical settlement. See "Note 5 - Interim and Long-Term Debt" for additional information.
As shown in the table below, the following stock options, RSUs, PSUs and Convertible Notes have not been included in the calculation of diluted (loss) income per common share for the three and nine months ended September 30, 2026 and 2025 because they will be anti-dilutive to the calculation of diluted net income (loss) per common share:
(in thousands)Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Stock options154 160 157 166 
Restricted stock units174 3,317 91 1,203 
Performance share units588 1,549 453 415 
Convertible notes (1)
— — 29,782 — 
Total916 5,026 30,483 1,784 
(1)Represents shares issuable upon the conversion of our $690.0 million aggregate principal amount of Convertible Notes based on an initial conversion price of approximately $23.17 per share of common stock assuming physical settlement. See "Note 5 - Interim and Long-Term Debt" for additional information.