Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Net Income (Loss) Per ShareBasic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of shares outstanding during the period. In periods of net loss, all potential common shares are anti-dilutive, so diluted net loss per share equals the basic net loss per share. In periods of net income, diluted net income per share is computed by dividing net income for the period by the basic weighted-average number of shares plus any dilutive potential common stock outstanding during the period, using the treasury stock method. Potential common stock includes the effect of outstanding dilutive stock options, restricted stock awards, and restricted stock units, as well as shares the Company could be obligated to issue from its convertible senior notes and warrants, as described in Note 10, Convertible Senior Notes. Any anti-dilutive weighted-average dilutive shares related to stock award plans, convertible senior notes, and warrants are excluded from the computation of the diluted net income per share.

The basic and diluted net income (loss) per share calculations for the three and six months ended June 30, 2021 and 2020 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

	(In thousands, except per share data)
Net income (loss)	$	20,424	$	(4,299)	$	34,551	$	7,012
Weighted-average shares outstanding – basic	43,262		42,659		43,113		42,509
Effect of dilutive securities from stock award plans	2,066		—		2,040		1,107
Effect of convertible senior notes	1,778		—		1,612		—
Weighted-average shares outstanding – diluted	47,106		42,659		46,765		43,616


Net income (loss) per share – basic	$	0.47	$	(0.10)	$	0.80	$	0.16
Net income (loss) per share – diluted	$	0.43	$	(0.10)	$	0.74	$	0.16

Anti-dilutive weighted-average shares related to stock award plans	199		4,931		290		1,929
Anti-dilutive weighted-average shares related to warrants	5,908		—		5,908		—