Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2023

10. NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the applicable period. Diluted net income (loss) per share incorporates the additional shares issuable upon assumed exercise of stock options and the vesting of restricted stock units, except in such case when their inclusion would be anti-dilutive.


	Three months ended March 31,
(in thousands, except per share amounts)	2023			2022
Numerator:
Net income (loss)	$	(28,844	)	$	92,105
Denominator:
Weighted-average common shares outstanding-basic		57,716,344			57,279,963
Dilutive securities		—			595,613
Weighted-average common shares outstanding-diluted		57,716,344			57,875,576

Net income (loss) per share-basic	$	(0.50	)	$	1.61
Net income (loss) per share-diluted	$	(0.50	)	$	1.59

For the three months ended March 31, 2023, the effect of dilutive securities including stock options, restricted stock units and unvested common stock from early exercise of options, was excluded from the denominator for the calculation of diluted net loss per share because the Company recognized a net loss for the period and their inclusion would be anti-dilutive. Anti-dilutive securities excluded for the three months ended March 31, 2023 and 2022 were 11,292,890 and 8,078,708, respectively.