EARNINGS PER SHARE
Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share 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 earnings per share and weighted-average shares outstanding (in thousands, except per share amounts):

 202520242023
Net income (loss)$(13,510)$253 $3,491 
Weighted-average shares outstanding—basic44,775 44,648 43,571 
Add shares issuable from stock-based awards— 442 925 
Weighted-average shares outstanding—diluted$44,775 $45,090 $44,496 
Basic earnings (loss) per share$(0.30)$0.01 $0.08 
Diluted earnings (loss) per share$(0.30)$0.01 $0.08 
Dilutive shares issuable from unvested equity awards(1)
 442 925 
Anti-dilutive shares issuable from unvested equity awards(2)
1,844 3,386 2,009 
(1) During the year ended December 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.

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 12, 2025
2023Feb 8, 2024
2021Feb 11, 2022
2020Feb 10, 2021
2019Feb 6, 2020
2018Feb 8, 2019
2017Feb 12, 2018
2016Feb 9, 2017
2015Feb 10, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.