Earnings Per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share
Note 10—Earnings Per Share
Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average shares of Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income by the weighted average shares of diluted Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested equity-based restricted stock and performance stock units, outstanding stock options, withholding amounts from the employee stock purchase plan and warrants (prior to their expiration in 2021), all using the
treasury stock method, and (ii) potential shares issuable under our Convertible Senior Notes, using the “if-converted” method, which is net of tax.
The following table reflects the EPS computations for the periods indicated based on a weighted average number of common shares outstanding each period:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2022202120222021
Net income (loss) $191,826 $(25,055)$207,628 $(59,700)
Add: Interest on Convertible Senior Notes, net of tax1,306 — 2,611 — 
Adjusted net income (loss) $193,132 $(25,055)$210,239 $(59,700)
Basic weighted average shares of Common Stock outstanding284,992 279,185 284,922 279,061 
Add: Dilutive effects of equity awards and ESPP shares8,038 — 7,897 — 
Add: Dilutive effects of Convertible Senior Notes27,074 — 27,074 — 
Diluted weighted average shares of Common Stock outstanding320,104 279,185 319,893 279,061 
Basic net earnings (loss) per share of Common Stock$0.67 $(0.09)$0.73 $(0.21)
Diluted net earnings (loss) per share of Common Stock$0.60 $(0.09)$0.66 $(0.21)
The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022
2021(1)
2022
2021(1)
Out-of-the-money stock options2,049 2,241 2,073 2,267 
Restricted stock— 8,769 — 9,167 
Performance stock units— — 224 199 
Employee Stock Purchase Plan— 68 — 54 
Convertible Senior Notes— 27,074 — 27,074 
Warrants— 8,000 — 8,000 
(1)    The Company recognized a net loss during the three and six months ended June 30, 2021, and therefore all potentially dilutive securities were anti-dilutive and excluded from the calculation of diluted net earnings per share.