INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2022

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common shares outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method and the if-converted method. Dilutive potential common shares include stock options, non-vested shares, redeemable convertible preferred shares, convertible notes, restricted stock and similar equity instruments granted by the Company. Some restricted stock units vest upon certain performance and market conditions and as they vest, the shares will be included in outstanding common shares. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.

Basic and diluted net income (loss) attributable to common holders per share is presented in conformity with the two- class method required for participating securities as the redeemable convertible preferred stock, common stock subject to restricted stock purchase agreements, early exercised options, and restricted shares are considered participating securities. Under the two-class method, distributed and undistributed income allocated to participating securities are excluded from net income (loss) attributable to common stockholders for purposes of calculating basic and diluted income (loss) per share.

The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net (loss) income	$	(99,050)	$	19,809	$	(96,247)	$	32,840
Minus: Income allocated to participating securities	—		17,087		—		28,565
Net (loss) income attributable to common stockholders – basic	$	(99,050)	$	2,722	$	(96,247)	$	4,275

Plus: Income allocated to non-participating securities	—		838		—		1,332
Net (loss) income attributable to common stockholders - diluted	$	(99,050)	$	3,560	$	(96,247)	$	5,607

Denominator:
Basic weighted-average common shares outstanding	147,498,162		18,822,474		147,014,951		18,617,247
Dilutive potential common stock issuable:
Common stock warrants	—		89,551		—		89,551
Preferred stock warrants	—		74,149		—		74,149
Stock options	—		7,255,390		—		7,255,390
Restricted stock units	—		—		—		—
Diluted weighted-average shares outstanding	147,498,162		26,241,564		147,014,951		26,036,337

Net (loss) income attributable to common stockholders per share
Basic	$	(0.67)	$	0.14	$	(0.65)	$	0.23
Diluted	$	(0.67)	$	0.14	$	(0.65)	$	0.22

In periods of net losses, potentially dilutive securities are not included in the calculation of diluted net income (loss) per share because to do so would be anti-dilutive.

Outstanding anti-dilutive securities not included in the diluted net income (loss) per share attributable to common stockholders calculations were as follows (in common stock equivalent shares):


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021

Stock options	8,463,738	2,838,421	8,463,738	2,838,421
Restricted stock units	16,827,712	—	16,827,712	—



Employee stock purchase plan – shares projected to be issued	148,963	—	148,963	—
Total	25,440,413	2,838,421	25,440,413	2,838,421