Net Loss Per Share

12 Months Ended

Dec. 31, 2016

NET LOSS PER SHARE

The following table presents the basic and diluted loss per share (in thousands, except per share amounts):



	For the Years Ended December 31,
	2016			2015			2014
Net loss	$	(66,837	)	$	(85,516	)	$	(64,899	)
Weighted-average shares of common stock outstanding	55,595			54,171			53,267
Net loss per share — basic and diluted	$	(1.20	)	$	(1.58	)	$	(1.22	)

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted net loss per share (in thousands):



	December 31,
	2016	2015	2014
Options to purchase common stock and restricted stock units	10,635	10,860	8,554
Shares issuable pursuant to employee stock purchase plan	89	77	—
Convertible notes	4,682	4,682	4,682
Common stock warrants	4,682	4,682	4,682
Total shares excluded from net loss per share	20,088	20,301	17,918

Under the treasury stock method, the convertible notes and common stock warrants will have a dilutive impact on net earnings per share when the average stock price for the period exceeds the respective conversion prices and the Company has net income. The Company also entered into note hedge transactions (“Note Hedges”) in connection with the convertible notes with respect to its common stock to minimize the impact of potential economic dilution upon conversion of the convertible notes. The Note Hedges were outstanding as of December 31, 2016. Since the beneficial impact of the Note Hedges is anti-dilutive, they are excluded from the calculation of diluted net income (loss) per share. See Note 9 of the Notes to Consolidated Financial Statements.