Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2019

Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for the effects of dilutive shares of common stock, which are comprised of outstanding stock options, RSUs, ESPP obligations, the Notes and the Warrants. Stock awards with performance conditions are included in dilutive shares to the extent the performance condition is met. The dilutive potential shares of common stock are computed using the treasury stock method or the as-if converted method, as applicable. The effects of outstanding stock options, RSUs, ESPP obligations, Notes and Warrants are excluded from the computation of diluted net income (loss) per share in periods in which the effect would be antidilutive.

The following tables present the calculation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data):



	Year Ended December 31,
	2019		2018			2017
Numerator:
Net income (loss)	$	626,698	$	(26,704	)	$	(116,846	)
Denominator:
Weighted-average shares outstanding - basic	186,466		177,846			171,176
Weighted-average effect of potentially dilutive securities:
Common stock options	1,109		—			—
RSUs	4,897		—			—
2018 Warrants	842		—			—
In-the-money portion of 2022 Notes	2,737		—			—
2022 Warrants	1,172		—			—
Weighted-average shares outstanding - diluted	197,223		177,846			171,176
Net income (loss) per share - basic	$	3.36	$	(0.15	)	$	(0.68	)
Net income (loss) per share - diluted	$	3.18	$	(0.15	)	$	(0.68	)

Potentially dilutive securities that are not included in the calculation of diluted net income (loss) per share because doing so would be antidilutive are as follows (in thousands):



	Year Ended December 31,
	2019	2018	2017
Common stock options	161	1,811	3,370
Restricted stock units	413	10,202	11,403
ESPP obligations	273	318	362
2018 Notes	—	—	7,783
2018 Warrants	—	7,783	7,783
2022 Notes	—	5,807	5,807
2022 Warrants	—	5,807	5,807
Total potentially dilutive securities	847	31,728	42,315