Net Loss Per Share

3 Months Ended

Mar. 31, 2020

Basic net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the period, and excludes any dilutive effects of employee stock-based awards. Diluted net loss per share is computed giving effect to all potentially dilutive shares of common stock, including common stock issuable upon exercise of stock options, vesting of restricted stock units and shares of common stock issuable upon conversion of convertible senior notes.

The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):



	Three Months Ended
	March 31, 2020		March 31, 2019
Net loss	$	(7,437)	$	(1,924)
Weighted-average shares of common stock outstanding	61,705		59,367
Basic and diluted net loss per share	$	(0.12)	$	(0.03)

The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive (in thousands):



	Three Months Ended
	March 31, 2020	March 31, 2019
Stock options	2,557	3,123
Restricted stock units	2,962	2,969
Convertible senior notes	2,709	1,249

Total	8,228	7,341

The Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread of its Notes. The conversion spread had a dilutive impact during the three months ended March 31, 2020, since the average market price of the Company’s common stock during the period exceeded the initial conversion price of $40.82 per share for the Notes. However, the potential shares of common stock issuable upon the conversion of the Notes were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive.