Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Net Income (Loss) Per Share

Net Income (Loss) Per Share

Note 13. Net Income (Loss) Per Share

Our basic net income (loss) per share is computed by dividing the net income (loss) by the number of weighted average common shares outstanding during the period. Our diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average common shares outstanding during the period assuming potentially dilutive common shares of stock options, RSUs, PSUs and common shares issuable upon conversion of the 1.25% convertible senior notes that matured in November 2020 (the “2020 Notes”) using the if-converted method. Common shares issuable upon conversion of the 2020 Notes were excluded from the diluted net income (loss) per share computation for 2019 as their share effect was anti-dilutive.

Net income (loss) per share was calculated as follows for the periods indicated below:

	Year Ended  December 31,
(in thousands, except per share data)	2021		2020		2019
Basic Net Income (Loss) Per Share
Basic net income (loss)	$	948,581	$	(295,697)	$	446,906
Weighted average common shares outstanding		220,428		218,073		214,913
Basic net income (loss) per share	$	4.30	$	(1.36)	$	2.08
Diluted Net Income (Loss) Per Share
Diluted net income (loss)	$	948,581	$	(295,697)	$	446,906
Weighted average common shares outstanding		220,428		218,073		214,913
Dilutive stock options and awards		1,646		—		2,744
Weighted average shares used to compute diluted net income (loss) per share		222,074		218,073		217,657
Diluted net income (loss) per share	$	4.27	$	(1.36)	$	2.05

The potential common shares that were excluded from the diluted net income (loss) per share computation are as follows:

	2021	2020	2019
Outstanding stock options and awards	10,106,837	15,274,871	9,349,889
Common shares issuable upon conversion of the 1.25% Convertible Senior Notes due 2020	—	—	368,939
Total potential common shares excluded from diluted net income (loss) per share computation	10,106,837	15,274,871	9,718,828