Net Income Per Share

3 Months Ended

Mar. 31, 2022

Basic net income per common share is based on the weighted-average common shares outstanding during the relevant period. Diluted net income per share is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards and convertible debt.

For periods in which the Company reports net losses, basic and diluted net loss per share are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.


	Three Months Ended March 31,
	2021		2022
Numerator:
Net income	$	10,102	$	32,692






Denominator:
Weighted-average common shares outstanding used to calculate net income per share, basic	73,629,122		84,230,445
Weighted-average effect of dilutive securities	17,820,449		11,227,331
Weighted-average common shares outstanding used to calculate net income per share, diluted	91,449,571		95,457,776

Net income per share, basic	$	0.14	$	0.39
Net income per share, diluted	$	0.11	$	0.34

The following securities were excluded from the computation of diluted net income per share for the periods presented, because including them would have been anti-dilutive. These amounts represent the number of instruments outstanding at the end of each respective period:


	Three Months Ended March 31,
	2021	2022

Options to purchase common stock	617,424	718,911
Unvested RSUs	737,682	1,077,703
Unvested PRSUs	—	687,500
Purchase rights committed under the ESPP	—	2,620

Convertible debt	—	2,318,078

Total	1,355,106	4,804,812