Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Basic and diluted net loss per share for the periods set forth below is calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(22,033)	$	(6,289)	$	(54,592)	$	(87,823)

Denominator:
Weighted-average number of common shares used in loss per share - basic and diluted	47,288,212		46,493,126		47,173,337		46,395,124
Loss per share - basic and diluted	$	(0.47)	$	(0.14)	$	(1.16)	$	(1.89)

The following potentially dilutive securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. For the three and nine months ended September 30, 2021 and 2020, respectively, all of the Company’s options to purchase common stock and restricted stock units outstanding were assumed to be anti-dilutive as earnings attributable to common stockholders was in a loss position.


	Three and Nine Months Ended September 30,
	2021	2020
Options to purchase common stock	6,259,807	5,868,348

Restricted stock units	449,954	686,069
Performance units	—	70,000
Performance options	1,035,000	—

The Company has the option to settle the conversion obligation for the Convertible Notes in cash, shares or any combination of the two. As the Convertible Notes are not convertible as of September 30, 2021, they are not participating securities and they will not have an impact on the calculation of basic earnings or loss per share. Based on the Company’s net loss position, there is no impact on the calculation of dilutive loss per share during the three and nine-month periods ended September 30, 2021 and 2020, respectively. Effective for the three months ended March 31, 2021, the Company uses the if-converted method for the Convertible Notes as a result of the adoption of ASU 2020-06, as described in Recent Adopted Accounting Pronouncements above.