Net Income (Loss) Per Share Attributable to Common Shareholders

12 Months Ended

Dec. 31, 2020

Net Income (Loss) Per Share Attributable to Common Shareholders

12. Net (Loss) Income Per Share Attributable to Common Shareholders

Basic net (loss) income per share is calculated by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per share is calculated by dividing the net (loss) income 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 (loss) income is net (loss) income attributable to common shareholders for all periods presented.

The following table sets forth the computation of basic and diluted net (loss) income per share for the periods ended (in thousands, except per share amounts):

	Year ended December 31,
	2020			2019		2018

Net (loss) income	$	(348,865	)	$	66,858	$	(164,981	)
Basic weighted-average common shares outstanding		65,949,672			54,392,304		47,964,368
Effect of potentially dilutive securities:
Outstanding options		—			2,406,962		—
Unvested restricted common shares		—			133,532		—
Diluted weighted-average common shares outstanding		65,949,672			56,932,798		47,964,368
Basic net (loss) income per common share	$	(5.29	)	$	1.23	$	(3.44	)
Diluted net (loss) income per common share	$	(5.29	)	$	1.17	$	(3.44	)

The Company did not include the securities in the following table in the computation of the net (loss) income per share calculations because the effect would have been anti-dilutive during each period:

	Year ended December 31,
	2020		2019		2018
Outstanding options		8,101,980		3,789,129		6,689,311
Unvested restricted common shares		894,092		108,625		327,342
ESPP		11,257		—		—
Total		9,007,329		3,897,754		7,016,653