Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2019

12. Net Income (Loss) Per Share

The computations of basic and diluted net income (loss) per share are as follows (in thousands, except per share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Basic net income (loss) per share:
Net income (loss) applicable to common stockholders	$	(1,457	)	$	10,594	$	(33,685	)	$	114,833
Shares used in computation:
Weighted-average common shares outstanding		36,669			32,082		36,518			31,858
Basic net income (loss) per share	$	(0.04	)	$	0.33	$	(0.92	)	$	3.60
Diluted net income (loss) per share:
Net income (loss) applicable to common stockholders	$	(1,457	)	$	10,594	$	(33,685	)	$	114,833
Shares used in computation:
Weighted-average common shares outstanding		36,669			32,082		36,518			31,858
Stock options		—			3,153		—			2,995
Restricted stock units		—			30		—			27
Employee stock purchase plan		—			7		—			4
Weighted-average diluted common shares		36,669			35,272		36,518			34,884
Diluted net income (loss) per share	$	(0.04	)	$	0.30	$	(0.92	)	$	3.29

For periods in which the Company incurred net losses applicable to common stockholders, common stock equivalents are excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive, and accordingly, basic and diluted net loss per share are the same for such periods. Outstanding stock options with exercise prices greater than the average market price of common stock are excluded from the calculation of diluted net income (loss) per share as their effect would be anti-dilutive. The following potentially dilutive common stock equivalents outstanding at the end of the period were excluded from the computations of weighted-average diluted common shares for the periods indicated as their effects would be anti-dilutive (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Stock options issued and outstanding		5,454		804		5,454		1,236
Unvested restricted stock units outstanding		40		—		40		—
Employee stock purchase plan		26		—		26		—
		5,520		804		5,520		1,236