Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

14.

Net Income (Loss) Per Share

The following is a calculation of the basic and diluted net income (loss) per share (in thousands, except share and per share data):


	Year ended December 31,
	2021		2020			2019
Net income (loss), basic and diluted	$	528,584	$	(298,665	)	$	(174,683	)

Weighted-average shares outstanding, basic		129,884,967		119,159,424			30,349,920
Weighted-average effect of dilutive securities:
Options to purchase common stock		3,513,438		—			—
Restricted shares subject to future vesting		35,488		—			—
Contingently issuable shares		3,233		—			—
Weighted-average shares outstanding, diluted		133,437,126		119,159,424			30,349,920

Net income (loss) per share, basic	$	4.07	$	(2.51	)	$	(5.76	)
Net income (loss) per share, diluted	$	3.96	$	(2.51	)	$	(5.76	)

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of December 31,
	2021		2020		2019
Options issued and outstanding		5,764,308		9,798,282		7,186,298
Restricted shares subject to future vesting		1,088,304		89,261		2,075,511
Warrants to purchase common stock		—		—		244,444
Total		6,852,612		9,887,543		9,506,253

As of December 31, 2021, the Company estimated shares issuable under the ESPP would be 65,967 based on expected total contributions from the plan participants and 85% of the stock price at the beginning of the offering period.