Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

4. Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the sum of the weighted average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method. For the periods in which the Company incurs a net loss, the dilutive effect of the Company’s outstanding common stock equivalents is not included in the calculation as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted net income (loss) per share:


	Three Months Ended June 30,					Six Months Ended June 30,
	2022		2021			2022		2021
	(in thousands, except share and per share amounts)
Numerator:
Net income (loss)	$	6,879	$	(211	)	$	8,938	$	274
Denominator:
Weighted average common shares outstanding, basic		162,991,881		147,857,518			162,569,871		147,778,379
Effect of potential dilutive common shares		5,958,987		—			6,413,439		2,545,615
Weighted average common shares outstanding, diluted		168,950,869		147,857,518			168,983,310		150,323,994
Net income (loss) per share, basic	$	0.04	$	(0.00	)	$	0.05	$	0.00
Net income (loss) per share, diluted	$	0.04	$	(0.00	)	$	0.05	$	0.00

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Options to purchase common shares		457,964		5,050,575		518,998		5,749,853
Unvested restricted stock units		716,015		—		597,339		—
Total		1,173,979		5,050,575		1,116,337		5,749,853