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Net Income Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Net Income Per Share | 2. Net Income Per Share Basic net income per share attributable to Innoviva stockholders is computed by dividing net income attributable to Innoviva stockholders by the weighted-average number of shares of common stock outstanding. Diluted net income per share attributable to Innoviva stockholders is computed by dividing net income attributable to Innoviva stockholders by the weighted-average number of shares of common stock and dilutive potential common stock equivalents then outstanding. Dilutive potential common stock equivalents include the assumed exercise, vesting and issuance of employee stock awards using the treasury stock method, as well as common stock issuable upon assumed conversion of our convertible subordinated notes due 2023 (the “2023 Notes”) up until its maturity date on January 15, 2023, our convertible senior notes due 2025 (the “2025 Notes”) and our convertible senior notes due 2028 (the “2028 Notes”) using the if-converted method. The following table shows the computation of basic and diluted net income per share for the three and nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands except per share data) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Innoviva stockholders, basic |  | $ | 82,046 |  |  | $ | 265,523 |  |  | $ | 118,191 |  |  | $ | 282,235 |
Add: interest expense on 2023 Notes, net of tax effect |  |  | — |  |  |  | 412 |  |  |  | 86 |  |  |  | 2,003 |
Add: interest expense on 2025 Notes, net of tax effect |  |  | 1,236 |  |  |  | 994 |  |  |  | 3,703 |  |  |  | 3,533 |
Add: interest expense on 2028 Notes, net of tax effect |  |  | 1,543 |  |  |  | 1,769 |  |  |  | 4,618 |  |  |  | 3,862 |
Net income attributable to Innoviva stockholders, diluted |  | $ | 84,825 |  |  | $ | 268,698 |  |  | $ | 126,598 |  |  | $ | 291,633 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares used to compute basic net income per share attributable to Innoviva stockholders |  |  | 64,953 |  |  |  | 69,731 |  |  |  | 66,016 |  |  |  | 69,640 |
Dilutive effect of 2023 Notes |  |  | — |  |  |  | 4,866 |  |  |  | 250 |  |  |  | 6,629 |
Dilutive effect of 2025 Notes |  |  | 11,150 |  |  |  | 11,150 |  |  |  | 11,150 |  |  |  | 11,150 |
Dilutive effect of 2028 Notes |  |  | 9,955 |  |  |  | 9,955 |  |  |  | 9,955 |  |  |  | 7,559 |
Dilutive effect of options and awards granted under equity incentive plan and employee stock purchase plan |  |  | 106 |  |  |  | 128 |  |  |  | 133 |  |  |  | 94 |
Weighted-average shares used to compute diluted net income per share attributable to Innoviva stockholders |  |  | 86,164 |  |  |  | 95,830 |  |  |  | 87,504 |  |  |  | 95,072 |
Net income per share attributable to Innoviva stockholders |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.26 |  |  | $ | 3.81 |  |  | $ | 1.79 |  |  | $ | 4.05 |
Diluted |  | $ | 0.98 |  |  | $ | 2.80 |  |  | $ | 1.45 |  |  | $ | 3.07 |
Anti-Dilutive Securities The following common stock equivalents were not included in the computation of diluted net income per share because their effect was anti-dilutive for the periods presented:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Outstanding options and awards granted under equity incentive plan and employee stock purchase plan |  |  | 1,389 |  |  |  | 705 |  |  |  | 1,284 |  |  |  | 577 |
Outstanding stock warrant |  |  | 591 |  |  |  | 526 |  |  |  | 591 |  |  |  | 177 |
Total |  |  | 1,980 |  |  |  | 1,231 |  |  |  | 1,875 |  |  |  | 754 |

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