XML 39 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
NET INCOME (LOSS) PER SHARE
The following table sets forth a reconciliation of basic and diluted net income (loss) per share (in thousands, except per share amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Net income (loss)
$
17,656

 
$
(34,838
)
 
$
34,356

 
$
(94,061
)
Net income allocated to participating securities
(60
)
 
—

 
(117
)
 
—

Net income allocable to common stock for basic net income (loss) per share
17,596

 
(34,838
)
 
34,239

 
(94,061
)
Adjustment to net income allocated to participating securities
4

 
—

 
7

 
—

Net income allocable to common stock for diluted net income (loss) per share
$
17,600

 
$
(34,838
)
 
$
34,246

 
$
(94,061
)
 
 
 
 
 
 
 
 
Weighted-average shares of common stock outstanding
293,188

 
229,310

 
292,029

 
228,860

Dilutive securities:
 
 
 
 
 
 
 
Outstanding stock options, unvested RSUs and ESPP contributions
18,031

 
—

 
18,730

 
—

Weighted-average shares of common stock outstanding and dilutive securities
311,219

 
229,310

 
310,759

 
228,860

 
 
 
 
 
 
 
 
Net income (loss) per share, basic
$
0.06

 
$
(0.15
)
 
$
0.12

 
$
(0.41
)
Net income (loss) per share, diluted
$
0.06

 
$
(0.15
)
 
$
0.11

 
$
(0.41
)

The 2014 Warrants are participating securities and the warrant holders do not have a contractual obligation to share in our losses. See “Note 8 - Common Stock and Warrants” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 27, 2017 for a description of the 2014 Warrants.
The following table sets forth potentially dilutive shares of common stock that are not included in the computation of diluted net income (loss) per share because to do so would be anti-dilutive (in thousands): 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Outstanding stock options, unvested RSUs and ESPP contributions
1,747

 
30,637

 
1,633

 
30,637

2019 Notes
—

 
54,118

 
—

 
54,118

Deerfield Notes
—

 
33,890

 
—

 
33,890

Warrants
—

 
1,000

 
—

 
1,000

Total potentially dilutive shares
1,747

 
119,645

 
1,633

 
119,645


The Deerfield Notes were repaid in June 2017. The 2019 Notes were converted and redeemed between August and November 2016.