Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2021

Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 10, 2020 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted.

Basic net income (loss) per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed based on the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares outstanding during the period using the applicable methods. The potentially dilutive common shares during the three and nine months ended September 30, 2021 include unvested stock options and time-based restricted stock units. The potentially dilutive common shares during the three and nine months ended September 30, 2021 do not include performance-based restricted stock units containing unmet performance conditions. The potentially dilutive common shares are included in the calculation of diluted net income (loss) per share only when their effect is dilutive.

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands, except shares and per share data)
Basic net income (loss) per share:
Numerator
Net income (loss)	$	29,414	$	(71,133)	$	118,242	$	(112,766)
Preferred distribution to redeemable convertible Series C preferred units	—		—		—		(40,689)
Non-cash adjustment to redemption amount of the redeemable convertible Series C preferred units	—		—		—		47,537
Net income (loss) attributable to common stockholders	$	29,414	$	(71,133)	$	118,242	$	(105,918)
Denominator
Weighted average common shares	126,190,351		115,189,532		126,405,822		67,828,046
Basic net income (loss) per share attributable to common stockholders	$	0.23	$	(0.62)	$	0.94	$	(1.56)

Diluted net income (loss) per share:
Numerator
Net income (loss) attributable to common stockholders	$	29,414	$	(71,133)	$	118,242	$	(105,918)
Denominator
Basic weighted average common shares	126,190,351		115,189,532		126,405,822		67,828,046
Dilutive effect of outstanding Time-Based Restricted Stock Units	57,148		—		45,297		—

Diluted weighted average common shares	126,247,499		115,189,532		126,451,119		67,828,046
Diluted net income (loss) per share attributable to common stockholders	$	0.23	$	(0.62)	$	0.94	$	(1.56)

The following potentially dilutive outstanding securities for the three and nine months ended September 30, 2021 and 2020 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the periods:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Unvested Stock Options	195,896	—	195,896	—
Unvested Performance-Based Restricted Stock Units	99,289	—	99,289	—
Redeemable stock warrants	—	2,230,897	—	890,291
Contingency consideration	—	5,803,329	—	4,032,276
Retroactively restated Series C preferred units	—	—	—	8,389,982
Total	295,185	8,034,226	295,185	13,312,549