Net (Loss) Income Per Share Attributable to Common Shareholders

12 Months Ended

Dec. 31, 2023

Net (Loss) Income Per Share Attributable to Common Shareholders

12. Net (Loss) Income Per Share Attributable to Common Shareholders

Basic net (loss) income per share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per share is calculated by dividing the net (loss) income attributable to common shareholders by the weighted-average number of common share equivalents outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method. The Company’s net (loss) income is net (loss) income attributable to common shareholders for all periods presented.

The following table sets forth the computation of basic and diluted net (loss) income per share for the periods ended (in thousands, except share and per share amounts):


	Year ended December 31,
	2023			2022			2021

Net (loss) income	$	(153,610	)	$	(650,175	)	$	377,661
Basic weighted-average common shares outstanding		79,220,930			77,746,575			75,948,686
Effect of potentially dilutive securities:
Outstanding options		—			—			3,990,579
Unvested restricted common shares		—			—			454,231
Diluted weighted-average common shares outstanding		79,220,930			77,746,575			80,393,496
Net (loss) income per common share — basic	$	(1.94	)	$	(8.36	)	$	4.97
Net (loss) income per common share — diluted	$	(1.94	)	$	(8.36	)	$	4.70

The Company did not include the securities in the following table in the computation of the net (loss) income per share calculations because the effect would have been anti-dilutive during each period:


	Year ended December 31,
	2023		2022		2021
Outstanding options		7,204,372		7,230,233		1,765,881
Unvested restricted common shares		1,781,415		1,325,185		225,904
ESPP		16,026		19,105		6,671
Total		9,001,813		8,574,523		1,998,456