Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY

v3.21.2
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY
6 Months Ended
Jun. 30, 2021
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY  
EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS' EQUITY

9. EARNINGS (LOSS) PER SHARE AND STOCKHOLDERS’ EQUITY

Earnings (Loss) Per Share

The table below reconciles basic and diluted income (loss) per share of common stock:

(In thousands)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

Numerator:

 

  

 

  

 

  

 

  

Net income (loss) – basic

$

5,484

$

(6,703)

$

2,039

$

(11,061)

Adjustment for assumed conversion of warrants

(1,562)

Net income (loss) – diluted

$

5,484

$

(6,703)

$

2,039

$

(12,623)

Denominator:

 

  

 

  

 

  

 

  

Weighted-average common and common share equivalents - basic

 

34,156

 

27,079

 

30,776

 

27,077

Potential dilution from share-based awards

2,472

2,380

Potential dilution from assumed conversion of warrants

 

 

 

 

182

Weighted-average common and common share equivalents - diluted

 

36,628

 

27,079

 

33,156

 

27,259

Anti-dilutive share-based awards and warrants excluded from the calculation of diluted loss per share

 

172

 

4,204

 

172

 

3,198

Stockholders’ Equity

On March 29, 2021, the Company completed an underwritten public offering (the “Offering”) for a total of 6,917,250 shares of its common stock, par value $0.0001 per share (the “Common Stock”), which includes 902,250 shares of Common Stock sold pursuant to the underwriters’ exercise of an option to purchase additional shares of Common Stock to cover over-allotments. The price to the public in the Offering was $6.65 per share of Common Stock, and net proceeds were approximately $43.0 million after deducting underwriting discounts, commissions and offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, including its current and future development projects.