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Net Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares (including Class A common stock, Class B common stock and Class C capital stock) outstanding during the period. In the calculation of basic net income (loss) per share, undistributed earnings are allocated assuming all earnings during the period were distributed. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares (including Class A common stock, Class B common stock and Class C capital stock) outstanding during the period and potentially dilutive Class A common stock and Class C capital stock equivalents, except in cases where the effect of the Class A common stock or Class C capital stock equivalent would be antidilutive. Potential Class A common stock and Class C capital stock equivalents consist of Class A common stock and Class C capital stock issuable upon exercise of stock options and Class A common stock and Class C capital stock underlying unvested restricted stock units using the treasury stock method. Potential Class A common stock equivalents also include Class A common stock issuable upon conversion of the convertible notes maturing 2020 using the if-converted method. Prior to the three months ended September 30, 2020, we intended to settle the principal amount of the outstanding Notes in cash and therefore used the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. Beginning with the three months ended September 30, 2020, we can no longer assert cash settlement of the principal amount of the outstanding Notes, therefore share settlement is now presumed. Thus, on a prospective basis we apply the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding Notes on diluted net income per share, if applicable. The following table presents the maximum number of shares and conversion price per share of Class C capital stock for each of the Notes (in thousands, except per share amounts):
Maturity Date |  | Shares |  | Conversion Price per Share
September 1, 2026 |  | 11,492 |  |  | $ | 43.51 |
May 15, 2025 |  | 8,408 |  |  | 67.20 |
September 1, 2024 |  | 15,468 |  |  | 43.51 |
July 1, 2023 |  | 4,769 |  |  | 78.37 |
December 1, 2021 |  | 5,067 |  |  | 52.36 |
For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) per share calculations (in thousands, unaudited):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Denominator for basic calculation | 229,719 |  |  | 207,002 |  |  | 219,989 |  |  | 205,766 |
Effect of dilutive securities: |  |  |  |  |  |  |
Option awards | 8,933 |  |  | — |  |  | — |  |  | — |
Unvested restricted stock units | 3,980 |  |  | — |  |  | — |  |  | — |
Denominator for dilutive calculation | 242,632 |  |  | 207,002 |  |  | 219,989 |  |  | 205,766 |
For the periods presented, the following Class A common stock and Class C capital stock equivalents were excluded from the calculations of diluted net income (loss) per share because their effect would have been antidilutive (in thousands, unaudited):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Weighted-average Class A common stock and Class C capital stock option awards outstanding | 518 |  |  | 18,900 |  |  | 27,333 |  |  | 19,394 |
Weighted-average Class A common stock and Class C capital stock restricted stock units outstanding | 62 |  |  | 6,964 |  |  | 8,367 |  |  | 6,690 |
Class A common stock issuable upon conversion of the convertible notes maturing in 2020 | 314 |  |  | 424 |  |  | 374 |  |  | 424 |
Class C capital stock issuable upon conversion of the convertible notes maturing in 2021, 2023, 2024, 2025 and 2026 | 45,203 |  |  | — |  |  | 17,580 |  |  | — |
Total Class A common stock and Class C capital stock equivalents | 46,097 |  |  | 26,288 |  |  | 53,654 |  |  | 26,508 |

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