Earnings per Share

9 Months Ended

Sep. 30, 2021

The following table sets forth the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2021		2020		2021		2020
Basic net income (loss) per share:
Net income (loss)	$	35,624	$	(145)	$	96,489	$	39,421
Weighted-average common shares outstanding during the period	34,013,897		30,857,617		33,585,488		31,621,039
Basic net income (loss) per share	$	1.05	$	—	$	2.87	$	1.25


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2021		2020		2021		2020
Diluted net income (loss) per share:
Net income (loss)	$	35,624	$	(145)	$	96,489	$	39,421


Basic shares outstanding during the period	34,013,897		30,857,617		33,585,488		31,621,039
Plus: Common stock equivalents associated with stock option awards	3,606,219		—		2,525,214		2,369,732
Diluted shares outstanding	37,620,116		30,857,617		36,110,702		33,990,771
Diluted net income (loss) per share	$	0.95	$	—	$	2.67	$	1.16

The computation of diluted shares outstanding for the three months ended September 30, 2021 did not exclude any shares whose effect would have been anti-dilutive, while the computation of diluted shares outstanding for the nine months ended September 30, 2021 excluded 0.1 million outstanding stock options, less than 0.1 million of ESPP shares, and 3.5 million of outstanding stock warrants, as their effect would have been anti-dilutive. The computation of diluted shares outstanding for the both the three and nine months ended September 30, 2020 excluded 2.4 million outstanding stock options and 10.5 million of stock warrants, as their effect would have been anti-dilutive.