(LOSS) PER SHARE

12 Months Ended

Dec. 31, 2021

18. (LOSS) PER SHARE

Basic (loss) per share is calculated using the weighted-average number of common shares outstanding during the period. Diluted (loss) per share is calculated using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding stock options, RSUs, and convertible senior notes.

Calculation of (loss) per share:


(in thousands, except per share amounts)	2021		2020		2019
Net (loss)	$	(63,040)	$	(61,373)	$	(90,433)
Weighted-average common shares outstanding	81,387		80,336		79,055
(Loss) per share, basic	$	(0.77)	$	(0.76)	$	(1.14)

Net (loss)	$	(63,040)	$	(61,373)	$	(90,433)
Stock options	—		—		—
RSUs	—		—		—
Effect of dilutive securities	—		—		—
Weighted-average common shares outstanding, assuming dilution (1) (2) (3)	81,387		80,336		79,055
(Loss) per share, diluted	$	(0.77)	$	(0.76)	$	(1.14)

Outstanding anti-dilutive stock options and RSUs (4)	5,862		6,278		5,911

(1) The shares underlying the conversion options in the Company’s Notes are included using the if-converted method, if dilutive in the period. If the outstanding conversion options were fully exercised, the Company would issue an additional 4.4 million shares.

(2) In periods of loss, all dilutive securities are excluded as their inclusion would be anti-dilutive.

(3) The Company’s Capped Call Transactions convert to 4.4 million shares of the Company’s common stock (representing the number of shares for which the Notes are initially convertible). The Capped Call Transactions are expected to reduce common stock dilution and/or offset any potential cash payments the Company must make, other than for principal and interest, upon conversion of the Notes, with such reduction and/or offset subject to a cap of $196.44. The Capped Call Transactions are excluded from weighted-average common shares outstanding, assuming dilution, in all periods as their effect would be anti-dilutive.

(4) Outstanding stock options and RSUs that were anti-dilutive under the treasury stock method in the period were excluded from the computation of diluted (loss) per share. These awards may be dilutive in the future.