Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2021

9. Net Income (Loss) Per Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021			2020
Numerator:
Net income (loss)	$	1,948	$	(12,932	)	$	(22,078	)	$	(49,825	)
Denominator:
Basic:
Weighted average number of common shares outstanding - basic		35,207,276		34,078,726			35,013,072			32,631,715
Diluted:
Weighted average number of common shares outstanding - basic		35,207,276		34,078,726			35,013,072			32,631,715
Dilutive effect of outstanding common stock options		1,645,968		—			—			—
Dilutive effect of restricted stock units		708,788		—			—			—
Dilutive effect of common stock pursuant to employee stock purchase plan		5,144		—			—			—
Weighted average number of common shares outstanding - diluted		37,567,176		34,078,726			35,013,072			32,631,715
Net income (loss) per share:
Basic	$	0.06	$	(0.38	)	$	(0.63	)	$	(1.53	)
Diluted	$	0.05	$	(0.38	)	$	(0.63	)	$	(1.53	)

The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net income (loss) per share for the periods presented due to their anti-dilutive effect:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Common stock options issued and outstanding		—		2,529,433		1,641,099		2,529,433
Restricted stock units		18,539		798,708		1,163,859		798,708
Employee stock purchase plan		596		3,911		1,976		3,911
Total		19,135		3,332,052		2,806,934		3,332,052