NET INCOME (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2021

Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. In periods when the Company reported a net loss, diluted net loss per share is the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive.

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


	Three Months Ended March 31,
	2021		2020
Numerator:
Net income (loss)	$	39,008	$	(105,891)
Denominator:
Basic shares:
Weighted-average common shares outstanding	455,414		435,680
Weighted-average unvested shares	(441)		(740)
Weighted-average shares used to compute basic net income (loss) per share:	454,973		434,940
Diluted shares:
Stock options, restricted stock, and employee stock purchase plan	20,972		—
Convertible senior notes	322		—
Common stock warrants	25,086		—


Weighted-average shares used to compute diluted net income (loss) per share:	501,353		434,940
Net income (loss) per share:
Basic	$	0.09	$	(0.24)
Diluted	$	0.08	$	(0.24)

The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands):


	Three Months Ended March 31,
	2021	2020
Stock options, restricted stock, and employee stock purchase plan	6,109	36,042
Common stock warrants	17,275	32,613

Convertible senior notes	3,845	22,478


Total anti-dilutive securities	27,229	91,133