NET INCOME (LOSS) PER SHARE

The computation of basic and diluted net income (loss) per share was as follows (in thousands, except per share amounts):



	Year Ended December 31,
	2017			2016			2015
Numerator:
Net income (loss)	$	154,227		$	(70,222	)	$	(161,744	)
Net income allocated to participating securities	(367		)	—			—
Net income allocable to common stock for basic net income (loss) per share	153,860			(70,222		)	(161,744		)
Adjustment to net income allocated to participating securities	22			—			—
Net income allocable to common stock for diluted net income (loss) per share	$	153,882		$	(70,222	)	$	(161,744	)
Denominator:
Weighted-average shares of common stock outstanding used in computing basic net income (loss) per share	293,588			250,531			209,227
Dilutive securities:
Outstanding stock options, unvested RSUs and ESPP contributions	18,415			—			—
Weighted-average shares of common stock outstanding and dilutive securities used in computing diluted net income (loss) per share	312,003			250,531			209,227

Net income (loss) per share, basic	$	0.52		$	(0.28	)	$	(0.77	)
Net income (loss) per share, diluted	$	0.49		$	(0.28	)	$	(0.77	)

The 2014 Warrants were participating securities and the warrant holders did not have a contractual obligation to share in our losses. See “Note 7. Common Stock and Warrants” for a description of the 2014 Warrants.

Potentially dilutive shares of common stock not included in the computation of diluted net income (loss) per share because to do so would be anti-dilutive were as follows (in thousands):



	Year Ended December 31,
	2017	2016	2015
Outstanding stock options, unvested RSUs and ESPP contributions	1,645	27,568	28,470
Deerfield Notes	—	33,890	33,890
2014 Warrants	—	1,000	1,000
2019 Notes	—	—	54,118
Total potentially dilutive shares	1,645	62,458	117,478

The Deerfield Notes were repaid in June 2017. The 2014 Warrants were exercised in September 2017. The 2019 Notes were converted or redeemed between August and November 2016.