NET LOSS PER COMMON SHARE

12 Months Ended

Dec. 31, 2016

(14) NET LOSS PER COMMON SHARE

Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards, common stock issuable under the Company’s ESPP, unvested restricted stock units (RSUs), common stock held by the NQDC and contingent issuances of common stock related to convertible debt.

The following table sets forth the computation of basic and diluted earnings per common share (in thousands of common shares):

	Years Ended December 31,
	2016			2015			2014
Numerator:
Net loss, basic	$	(630,210	)	$	(171,799	)	$	(133,969	)
Gain on common stock held by the NQDC		(3,184	)		—			—
Net loss, diluted		(633,394	)		(171,799	)		(133,969	)
Denominator:
Weighted-average common shares outstanding, basic		165,985			160,025			146,349
Effect of dilutive securities:
Common shares held by the NQDC		234			—			—
Weighted-average common shares outstanding, diluted		166,219			160,025			146,349
Net loss per common share, basic	$	(3.80	)	$	(1.07	)	$	(0.92	)
Net loss per common share, diluted	$	(3.81	)	$	(1.07	)	$	(0.92	)

In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation as they were anti-dilutive using the treasury stock method (in thousands):

	Years Ended December 31,
	2016		2015		2014
Options to purchase common stock		8,856		10,323		11,477
Common stock issuable under the 2017 Notes		1,105		1,544		1,992
Common stock issuable under the 2018 and 2020 Notes		7,966		7,966		7,966
Unvested restricted stock units		2,618		1,743		1,244
Common stock potentially issuable for ESPP purchases		246		316		351
Common stock held by the NQDC		—		243		224
Total number of potentially issuable shares		20,791		22,135		23,254

The effect of the Company’s 0.7% senior subordinated convertible notes due in 2018 (the 2018 Notes) and the Company’s 1.50% senior subordinated convertible notes due in 2020 (the 2020 Notes, and together with the 2018 Notes, the Notes) were excluded from the diluted net loss per common share because they were antidilutive. The Company’s closing stock price on December 31, 2016 and 2014 did not exceed the conversion price of $94.15 per share for the Notes. Although the Company’s stock price exceeded the conversion price $94.15 at December 31, 2015, the potential shares issuable under the Notes were excluded from the calculation of diluted loss per share as they were anti-dilutive using the if-converted method.