NET INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2021

NOTE 13: NET INCOME (LOSS) PER SHARE

We present net income (loss) per share using the two-class method required for multiple classes of common stock. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting income (loss) per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.

The following table presents the calculation of basic and diluted income (loss) per share:


(in thousands, except per share data)	Year ended December 31,
	2019		2020		2021
Net income (loss)	$	(106,569)	$	7,449	$	(3,686,432)
Less: allocation of earnings to participating securities	—		4,601		—
Net income (loss) attributable to common stockholders	$	(106,569)	$	2,848	$	(3,686,432)

Weighted-average common stock outstanding - basic	221,664,610		225,748,355		492,381,190
Dilutive effect of stock options and unvested shares	—		19,249,033		—
Weighted-average common stock outstanding - diluted	221,664,610		244,997,388		492,381,190

Net income (loss) per share attributable to common stockholders:
Basic	$	(0.48)	$	0.01	$	(7.49)
Diluted	$	(0.48)	$	0.01	$	(7.49)

The following potential common shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions that were not satisfied by the end of the period:


	Year ended December 31,
	2019	2020	2021
Redeemable convertible preferred stock	321,626,778	412,742,897	—
RSUs	51,687,872	75,375,307	108,359,188
Stock options	27,613,830	60,082	14,527,468
Unvested shares	749,943	8,423	15,126
Warrants	—	—	14,278,034
ESPP shares	—	—	246,179
Total anti-dilutive securities	401,678,423	488,186,709	137,425,995