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Net Income (Loss) Per Share Attributable to Common Shareholders | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share Attributable to Common Shareholders | 10. Net Income (Loss) Per Share Attributable to Common Shareholders Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing the net income (loss) attributable to common shareholders by the weighted-average number of common share equivalents outstanding for the period, including any dilutive effect from outstanding stock options and warrants using the treasury stock method. The Company’s net income (loss) is net income (loss) attributable to common shareholders for all periods presented. The following table sets forth the computation of basic and diluted net income (loss) per share for the periods ended (in thousands, except per share amounts):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net income (loss) |  | $ | (92,439 | ) |  | $ | 138,423 |  |  | $ | (241,826 | ) |  | $ | 36,316 |
Basic weighted-average common shares outstanding |  |  | 70,143,481 |  |  |  | 54,829,057 |  |  |  | 64,159,224 |  |  |  | 53,380,123 |
Effect of potentially dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding options |  |  | — |  |  |  | 2,612,354 |  |  |  | — |  |  |  | 2,326,824 |
Unvested restricted common shares |  |  | — |  |  |  | 157,490 |  |  |  | — |  |  |  | 114,473 |
Employee stock purchase plan |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Diluted weighted-average common shares outstanding |  |  | 70,143,481 |  |  |  | 57,598,901 |  |  |  | 64,159,224 |  |  |  | 55,821,420 |
Basic net income (loss) per common share |  |  | (1.32 | ) |  |  | 2.52 |  |  |  | (3.77 | ) |  |  | 0.68 |
Diluted net income (loss) per common share |  |  | (1.32 | ) |  |  | 2.40 |  |  |  | (3.77 | ) |  |  | 0.65 |
The following common stock equivalents were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Outstanding options |  |  | 7,932,906 |  |  |  | 3,791,475 |  |  |  | 7,932,906 |  |  |  | 3,911,071 |
Unvested restricted common shares |  |  | 897,510 |  |  |  | 13,750 |  |  |  | 897,510 |  |  |  | 34,250 |
ESPP |  |  | 11,808 |  |  |  | — |  |  |  | 11,808 |  |  |  | — |
Total |  |  | 8,842,224 |  |  |  | 3,805,225 |  |  |  | 8,842,224 |  |  |  | 3,945,321 |

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