Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

15. Net Income (Loss) Per Share

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

	Years Ended December 31,
	2021		2020			2019
Basic net income (loss) per share:
Net income (loss)	$	127,840	$	(111,250	)	$	(94,733	)
Shares used in computation:
Weighted-average common shares outstanding		42,438		37,281			36,690
Basic net income (loss) per share	$	3.01	$	(2.98	)	$	(2.58	)

Diluted net income (loss) per share:
Net income (loss)	$	127,840	$	(111,250	)	$	(94,733	)
Shares used in computation:
Weighted-average common shares outstanding		42,438		37,281			36,690
Stock options		1,467		—			—
Restricted stock units		2		—			—
Employee stock purchase plan		6		—			—
Weighted-average diluted common shares		43,913		37,281			36,690
Diluted net income (loss) per share	$	2.91	$	(2.98	)	$	(2.58	)

For periods in which the Company incurred net losses, common stock equivalents were excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive. Accordingly, basic and diluted net loss per share were the same for such periods. 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):

	Years Ended December 31,
	2021		2020		2019
Stock options issued and outstanding		4,939		6,361		5,544
Unvested restricted stock units outstanding		248		—		—
Employee stock purchase plan		—		19		17
		5,187		6,380		5,561