Net Income (Loss) per Ordinary Share

6 Months Ended

Jun. 30, 2022

Basic net income (loss) per ordinary share is based on the weighted-average number of ordinary shares outstanding. Diluted net income (loss) per ordinary share is based on the weighted-average number of ordinary shares outstanding and potentially dilutive ordinary shares outstanding.

Basic and diluted net income (loss) per ordinary share were computed as follows (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:


Net income (loss)	$	34,665	$	(363,316)	$	36,312	$	(241,484)



Denominator:
Weighted-average ordinary shares used in per share calculations - basic	62,436		59,448		62,152		57,966

Dilutive effect of employee equity incentive and purchase plans	995		—		1,019		—
Weighted-average ordinary shares used in per share calculations - diluted	63,431		59,448		63,171		57,966

Net income (loss) per ordinary share:



Basic	$	0.56	$	(6.11)	$	0.58	$	(4.17)



Diluted	$	0.55	$	(6.11)	$	0.57	$	(4.17)

Potentially dilutive ordinary shares from our employee equity incentive and purchase plans are determined by applying the treasury stock method to the assumed exercise of share options, the assumed vesting of outstanding Restricted Stock Units, or RSUs, and Performance-based restricted stock units, or PRSUs, and the assumed issuance of ordinary shares under our employee stock purchase plan, or ESPP. Potentially dilutive ordinary shares from the Exchangeable Senior Notes are determined by applying the if-converted method to the assumed issuance of ordinary shares upon exchange of the Exchangeable Senior Notes. The potential issue of ordinary shares upon exchange of the Exchangeable Senior Notes was anti-dilutive and had no impact on diluted net income per ordinary share for the three and six months ended June 30, 2022.

The following table represents the weighted-average ordinary shares that were excluded from the calculation of diluted net income (loss) per ordinary share for the periods presented because including them would have an anti-dilutive effect (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Exchangeable Senior Notes	9,044	10,139	9,044	10,139
Employee equity incentive and purchase plans	2,041	2,570	2,275	2,912