Net Income Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Net Income Per Share

Net Income (Loss) per Share

Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed using the weighted average number of shares of common stock, adjusted for any dilutive effect of potential common stock. Potential common stock, computed using the treasury stock method, includes RSUs, MSUs and our ESPP. Due to our net loss for the three months ended June 30, 2020, the potential common stock instruments such as RSUs, MSUs and ESPP were not included in the computation of diluted net loss per share as the effect of including these shares would have been anti-dilutive.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stock (in thousands, except per share amounts): 

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Numerator:
Net income (loss)	$	(40,602)	$	147,142	$	1,477,529	$	218,990
Denominator:
Weighted average common shares outstanding, basic	78,769		79,943		78,681		79,901
Dilutive effect of potential common stock	—		647		335		764
Total shares, diluted	78,769		80,590		79,016		80,665
Net income (loss) per share, basic	$	(0.52)	$	1.84	$	18.78	$	2.74
Net income (loss) per share, diluted	$	(0.52)	$	1.83	$	18.70	$	2.71
Anti-dilutive potential common shares 1	733		139		231		111

¹ Represents RSUs and MSUs not included in the calculation of diluted net income per share as the effect would have been anti-dilutive.