Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

11.	Net (Loss) Income Per Share

Basic net loss per share of common stock is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Since the Company was in a loss position for the three months ended March 31, 2022, diluted net loss per share is the same as basic net loss per share as the inclusion of all potential common shares outstanding would have been anti-dilutive. Diluted net income per share for the three months ended March 31, 2021 is computed by dividing net income by the weighted-average number of shares of common stock and dilutive potential common stock equivalents then outstanding. Dilutive potential common stock equivalents include the assumed exercise, vesting and issuance of employee stock awards using the treasury stock method.

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

	Three Months Ended March 31,
	2022			2021
Numerator:
Net (loss) income	$	(22,643	)	$	29,248
Denominator:
Weighted-average shares outstanding for basic net (loss) income per share		35,253,147			33,886,896
Effect of dilutive securities		—			333,999
Weighted-average shares outstanding for diluted net (loss) income per share		35,253,147			34,220,895
Net (loss) income per share:
Basic	$	(0.64	)	$	0.86
Diluted	$	(0.64	)	$	0.85

The following table sets forth the outstanding potentially dilutive securities which have been excluded in the calculation of diluted net (loss) income per share because including such securities would be anti-dilutive (in common stock equivalent shares):

	Three Months Ended
	March 31,
	2022		2021
Options to purchase common stock		6,490,451		2,895,223
Restricted stock units (unvested)		802,819		—
ESPP		87,553		3,789
Total		7,380,823		2,899,012