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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) Per ShareBasic earnings (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the earnings by the weighted-average number of common shares and potentially dilutive securities outstanding during the period. Potentially dilutive common shares consist of incremental common shares issuable upon exercise of stock options, employee stock purchases, restricted stock and restricted stock units and shares issuable upon the conversion of convertible notes. The dilutive effect of outstanding shares is reflected in diluted earnings per share by application of the treasury stock method, or the if-converted method for the in-the-money conversion feature of the 2023 Notes. This method includes consideration of the amounts to be paid by the employees, the amount of excess tax benefits that would be recognized in the equity if the instrument was exercised and the amount of unrecognized stock-based compensation related to future services. No potential dilutive common shares are included in the computation of any diluted per share amount when a net loss is reported. The following table sets forth the computation of basic and diluted net income (loss) per share:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(In thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net income (loss) per share: |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 103,198 |  |  | $ | 939 |  |  | $ | 275,359 |  |  | $ | (30,259) |
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares outstanding - basic |  | 108,317 |  | 109,968 |  | 108,412 |  | 110,102
Effect of potentially dilutive common shares |  | 2,458 |  |  | 1,994 |  |  | 2,767 |  |  | — |
Weighted-average shares outstanding - diluted |  | 110,775 |  | 111,962 |  | 111,179 |  | 110,102
Basic net income (loss) per share |  | $ | 0.95 |  |  | $ | 0.01 |  |  | $ | 2.54 |  |  | $ | (0.27) |
Diluted net income (loss) per share |  | $ | 0.93 |  |  | $ | 0.01 |  |  | $ | 2.48 |  |  | $ | (0.27) |
During the nine months ended September 30, 2022, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to the Company’s common stockholders because the impact of including them would have been anti-dilutive (in thousands):
|  |  |  | Nine Months Ended
|  |  |  | September 30,
(In thousands) |  |  |  | 2022
Stock options |  |  |  | 274 |
Restricted stock units |  |  |  | 1,951 |
Potentially issuable shares related to the in-the-money conversion feature of convertible notes |  |  |  | 146 |
Contingently issuable ESPP shares |  |  |  | 12 |
Total |  |  |  | 2,383 |
The shares in the tables above did not include the principal amount of the Company’s 2023 Notes (“the 2023 Notes”) as the principal amount of the 2023 Notes must be paid in cash. The Company settled the conversion of the remaining $10.4 million aggregate principal amount of the 2023 Notes in the first quarter of 2023. Accordingly, the Company delivered approximately 0.3 million shares of the Company's common stock as settlement related to the in-the-money conversion feature of the 2023 Notes and received an equal amount of shares due to the settlement of the convertible senior note hedges. The Company included dilutive instruments exercised during the period in the denominator of diluted earnings (loss) per share for the period prior to exercise, and thereafter, the Company included the actual shares issued in the denominator for both basic and diluted earnings (loss) per share.

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