Net Income Per Share

9 Months Ended

Sep. 30, 2024

Basic net income per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period.

Diluted net income per share is computed by dividing the diluted net income by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares assuming dilutive effect of outstanding common stock options, restricted stock units, common stock warrants, and shares issuable under the employee stock purchase plan. In periods when the Company has incurred a net loss, diluted net loss per share is the same as basic net loss per share because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. A reconciliation of net income and the number of shares in the calculation of basic and diluted net income per share is as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic net income per common share:
Numerator:
Net income	$	10,421	$	15,898	$	43,804	$	48,567

Denominator:
Weighted-average shares used in computing basic net income per share	90,067,675		95,502,250		91,650,576		94,698,616
Basic net income per share	$	0.12	$	0.17	$	0.48	$	0.51

Diluted net income per common share:
Numerator:
Net income	$	10,421	$	15,898	$	43,804	$	48,567

Denominator:
Weighted-average shares used in computing basic net income per share	90,067,675		95,502,250		91,650,576		94,698,616
Effect of dilutive securities
Options to purchase common stock	3,377,946		4,469,252		3,624,530		5,003,182
Shares issuable under ESPP	12,708		2,146		6,931		1,306
Warrants to purchase common stock	283,620		472,147		237,630		515,335
Restricted stock units	79,863		433,781		238,862		334,266
Total effect of dilutive securities	3,754,137		5,377,326		4,107,953		5,854,089
Weighted-average shares used in computing diluted net income per share	93,821,812		100,879,576		95,758,529		100,552,705
Diluted net income per share	$	0.11	$	0.16	$	0.46	$	0.48

The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted income per share for the period presented because including them would have been antidilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Options to purchase common stock	14,229,102	11,988,899	13,405,518	11,887,706
Shares issuable under ESPP	2,780	—	2,935	1,589
Restricted stock units	2,793,955	986,798	1,919,893	1,045,151
Total	17,025,837	12,975,697	15,328,346	12,934,446