Basic and Diluted Net (Loss) Income Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Basic Loss Per Share

The following table summarizes the distributable (losses) income for the three months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020			2019
Net (loss) income	$	(42,850	)	$	27,187
Distributions to Ionis		—			(13,492	)
Distributable (losses) income	$	(42,850	)	$	13,695

The following table summarizes the reconciliation of weighted-average shares outstanding used in the calculation of basic (loss) income per share for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020		2019
Determination of shares:
Weighted-average common shares outstanding    owned by Ionis		77,094,682		68,581,967
Weighted-average common shares outstanding    owned by others		24,010,388		22,126,363
Total weighted-average common shares outstanding		101,105,070		90,708,330

The following table summarizes the calculation of basic (loss) income per share for the three months ended March 31, 2020 and 2019 (in thousands, except share and per share amounts):

	Three Months Ended March 31,
	2020			2019
(Losses) income allocated to Ionis	$	(32,674	)	$	10,354
Plus: Distribution to Ionis		—			13,492
(Losses) income available to Ionis	$	(32,674	)	$	23,846
Weighted-average common shares outstanding    owned by Ionis		77,094,682			68,581,967
Basic (loss) income per common share owned by Ionis	$	(0.42	)	$	0.35
(Losses) income allocated to common shares owned by    others	$	(10,176	)	$	3,341
Weighted-average common shares outstanding    owned by others		24,010,388			22,126,363
Basic loss per common share owned by others	$	(0.42	)	$	0.15

Diluted Loss Per Share

The following table summarizes the reconciliation of weighted-average shares outstanding and diluted common equivalent shares used in the calculation of diluted income per share for the three months ended March 31, 2019:

	Three Months Ended March 31, 2019
Determination of shares:
Weighted-average common shares outstanding owned by Ionis		68,581,967
Weighted-average common shares outstanding owned by others		22,126,363
Shares issuable upon exercise of stock options		3,370,817
Shares issuable upon restricted stock awards issuance		14,813
Shares issuable related to our ESPP		33,982
Weighted-average shares outstanding owned by others, plus assumed    conversions		25,545,975
Total weighted-average shares outstanding		94,127,942

The following table summarizes the calculation of diluted income per share for the three months ended March 31, 2019 (in thousands, except per share amounts):

	Three Months Ended March 31, 2019
Income allocated to Ionis	$	9,978
Plus: Distribution to Ionis		13,492
Income available to Ionis	$	23,470
Weighted-average common shares outstanding owned by Ionis		68,581,967
Diluted income per common share owned by Ionis	$	0.34
Income allocated to common shares owned by others, plus assumed    conversions	$	3,717
Weighted-average common shares outstanding owned by others, plus    assumed conversions		25,545,975
Diluted income per common share owned by others	$	0.15