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Net Income (Loss) Per Share Attributable to Common Shareholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Shareholders

12. 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 share and per share amounts):

		Year ended December 31,
		2021				2020				2019
Net income (loss)		$	377,661			$	(348,865	)		$	66,858
Basic weighted-average common shares outstanding			75,948,686				65,949,672				54,392,304
Effect of potentially dilutive securities:
Outstanding options			3,990,579				—				2,406,962
Unvested restricted common shares			454,231				—				133,532
Diluted weighted-average common shares outstanding			80,393,496				65,949,672				56,932,798
Net income (loss) per common share — basic		$	4.97			$	(5.29	)		$	1.23
Net income (loss) per common share — diluted		$	4.70			$	(5.29	)		$	1.17

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

		Year ended December 31,
		2021				2020				2019
Outstanding options			1,765,881				8,101,980				3,789,129
Unvested restricted common shares			225,904				894,092				108,625
ESPP			6,671				11,257				—
Total			1,998,456				9,007,329				3,897,754

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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