Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

11. Net Income (Loss) Per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net income (loss) per common share is computed by dividing the net income (loss) by the sum of the weighted-average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. For periods that the Company was in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common securities outstanding would have been anti-dilutive The following is a calculation of the basic and diluted net income (loss) per share (in thousands, except share and per share data):


	Three Months Ended June 30,					Six Months Ended June 30,
	2022			2021		2022		2021
Net income (loss), basic and diluted	$	(76,493	)	$	61,813	$	442,128	$	(107,098	)

Weighted-average shares outstanding, basic		132,450,018			130,121,943		132,326,244		128,938,851
Weighted-average effect of dilutive securities:
Options to purchase common stock		—			3,635,656		2,270,834		—
Restricted shares subject to future vesting		—			19,409		44,028		—
Contingently issuable shares		—			12,969		—
Shares to purchase under Employee Stock Purchase Plan		—			—		2,734		—
Weighted-average shares outstanding, diluted		132,450,018			133,789,977		134,643,840		128,938,851

Net income (loss) per share, basic	$	(0.58	)	$	0.48	$	3.34	$	(0.83	)
Net income (loss) per share, diluted	$	(0.58	)	$	0.46	$	3.28	$	(0.83	)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Options issued and outstanding		11,595,683		6,164,036		8,607,499		10,702,072
Estimated shares issuable under the ESPP		—		71,582		1,387		71,582
Restricted shares subject to future vesting		2,787,894		933,870		2,695,168		1,024,297
Contingently issuable shares		—		—		—		39,340
Total		14,383,577		7,169,488		11,304,054		11,837,291