Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Basic net income (loss) per common share is based on the weighted-average common shares outstanding during the relevant period. Diluted net income (loss) 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. Basic and diluted net income (loss) per share are computed independently for each fiscal quarter and year-to-date period, which involves the use of different weighted-average share count figures relating to quarterly and year-to-date periods. As a result, and after factoring the effect of rounding to the nearest cent per share, the sum of each fiscal quarter-to-date basic and diluted net income (loss) per share may not equal year-to-date basic and diluted net income (loss) per share.

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 June 30,				Six Months Ended June 30,
	2021		2022		2021		2022
Numerator:
Net income (loss)	$	37,284	$	(29,871)	$	47,386	$	2,821






Denominator:
Weighted-average common shares outstanding used to calculate net income (loss) per share, basic	76,674,129		83,833,963		75,160,037		84,031,109
Weighted-average effect of dilutive securities	18,127,994		—		18,033,116		10,477,951
Weighted-average common shares outstanding used to calculate net income (loss) per share, diluted	94,802,123		83,833,963		93,193,153		94,509,060

Net income (loss) per share, basic	$	0.49	$	(0.36)	$	0.63	$	0.03
Net income (loss) per share, diluted	$	0.39	$	(0.36)	$	0.51	$	0.03

The following securities were excluded from the computation of diluted net income (loss) 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 June 30,		Six Months Ended June 30,
	2021	2022	2021	2022

Options to purchase common stock	451,493	11,138,435	500,065	770,852
Unvested RSUs	262,914	2,497,064	1,117,330	2,061,568
Unvested PRSUs	—	687,500		687,500
Purchase rights committed under the ESPP	—	216,088	—	—

Convertible debt	—	2,318,078	—	2,318,078

Total	714,407	16,857,165	1,617,395	5,837,998