Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of Calculation of Basic and Diluted Net Income (Loss) Per Share of Common Stock

The following table summarizes the calculation of basic and diluted net income (loss) per share of common stock:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
	(in thousands, except per share amounts)
Basic earnings per common share:
Net income (loss)	$	18,683		$	(87,808	)	$	(161,934	)	$	(120,683	)
Less: net income allocated to participating securities(1)		(749	)		-			-			-
Net income attributable to common stockholders	$	17,934		$	(87,808	)	$	(161,934	)	$	(120,683	)
Weighted-average number of common shares - basic		179,899			12,232			149,683			11,526
Basic earnings per common share	$	0.10		$	(7.18	)	$	(1.08	)	$	(10.47	)
Diluted earnings per common share:
Net income (loss)	$	18,683		$	(87,808	)	$	(161,934	)	$	(120,683	)
Less: net income allocated to participating securities(1)		(749	)		-			-			-
Net income attributable to common stockholders	$	17,934		$	(87,808	)	$	(161,934	)	$	(120,683	)
Weighted-average number of common shares - basic		179,899			12,232			149,683			11,526
Effect of dilutive securities:
Stock options and restricted stock units		10,609			-			-			-
Weighted-average number of common shares - diluted		190,508			12,232			149,683			11,526
Diluted earnings per common share	$	0.09		$	(7.18	)	$	(1.08	)	$	(10.47	)

(1) Restricted stock awards granted to employees by the Company are considered participating securities.

Anti-dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) Per Share

The following securities were excluded from the computation of net income (loss) per diluted share of common stock for periods presented as their effect would have been anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(in thousands)
Convertible preferred stock		-		134,113		-		134,113
Unvested restricted common stock		-		13,743		7,213		13,743
Options to purchase common stock		1,553		8,154		16,442		8,154
Unvested RSUs		-		328		328		328
Total		1,553		156,338		23,983		156,338