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Net Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE The Company permits certain option holders to exercise awarded options prior to vesting (see Note 5). Upon this early exercise, these options become subject to a restricted stock agreement and remain subject to the same vesting provisions in the corresponding stock option award. These early exercised options are considered to be "participating securities" due to non-forfeitable right to dividends (i.e., even prior to vesting). For the three and six months ended June 30, 2021, the "two-class method" was utilized to calculate diluted net income per share as it was more dilutive than the "treasury stock method". Due to a net loss for the three months ended March 31, 2020, all otherwise potentially dilutive securities are antidilutive. Accordingly, basic net loss per share equals diluted net loss per share for the three and six months ended June 30, 2020. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Basic EPS |  |  |  |  |  |  |
Net income (loss) | $ | 6,345 |  |  | $ | (3,250) |  |  | $ | 16,721 |  |  | $ | (5,207) |
Less: undistributed income allocated to participating securities | 46 |  |  | — |  |  | 133 |  |  | — |
Net income available to common shareholders | $ | 6,299 |  |  | $ | (3,250) |  |  | $ | 16,588 |  |  | $ | (5,207) |
Basic weighted average shares outstanding | 20,555,258 |  |  | 2,651,321 |  |  | 20,446,246 |  |  | 2,650,843 |
Net income (loss) per share attributable to common stockholders—basic | $ | 0.31 |  |  | $ | (1.23) |  |  | $ | 0.81 |  |  | $ | (1.96) |
Diluted EPS |  |  |  |  |  |  |
Net income (loss) | $ | 6,345 |  |  | $ | (3,250) |  |  | $ | 16,721 |  |  | $ | (5,207) |
Less: undistributed income reallocated to participating securities | 43 |  |  | — |  |  | 124 |  |  | — |
Net income available to common shareholders | $ | 6,302 |  |  | $ | (3,250) |  |  | $ | 16,597 |  |  | $ | (5,207) |
Basic weighted average shares outstanding | 20,555,258 |  |  | 2,651,321 |  |  | 20,446,246 |  |  | 2,650,843 |
Effect of dilutive securities: |  |  |  |  |  |  |
Common stock options | 1,411,341 |  |  | — |  |  | 1,449,058 |  |  | — |
Diluted weighted average shares outstanding | 21,966,599 |  |  | 2,651,321 |  |  | 21,895,304 |  |  | 2,650,843 |
Net income (loss) per share attributable to common stockholders—diluted | $ | 0.29 |  |  | $ | (1.23) |  |  | $ | 0.76 |  |  | $ | (1.96) |
During the three and six months ended June 30, 2021, 0.8 million unexercised stock options were excluded from the computation of net income per share because the effect would have been anti-dilutive. Additionally, during the three and six months ended June 30, 2020, 1.2 million unexercised stock options, 8.2 million shares of preferred stock, and 67 thousand early-exercised and unvested stock options were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact under the “treasury stock method” and "if-converted method" would have been anti-dilutive.

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