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Net Loss Per Share (Tables)
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Loss Per Share

 

 

Year Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Numerator

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

293,156

 

 

$

76,713

 

 

$

(75,240

)

Less: undistributed earnings allocated to participating securities

 

 

(283

)

 

 

(4,569

)

 

 

-

 

Net income (loss) allocable to common stockholders, basic

 

 

292,873

 

 

 

72,144

 

 

 

(75,240

)

Add: undistributed earnings allocated to Series B and warrants

 

 

283

 

 

 

4,569

 

 

 

-

 

Less: undistributed earnings allocated to Series B and warrants

 

 

-

 

 

 

(4,190

)

 

 

-

 

Add: interest expense on convertible notes

 

 

5,044

 

 

 

3,168

 

 

 

-

 

Less: removal of change in fair value of warrant liability

 

 

(1,801

)

 

 

-

 

 

 

(4,124

)

Net income (loss) allocable to common stockholders, diluted

 

$

296,399

 

 

$

75,691

 

 

$

(79,364

)

Denominator

 

 

 

 

 

 

 

 

 

Weighted average shares used to compute net income (loss)
   allocable to common stockholders per share, basic

 

 

126,398

 

 

 

116,264

 

 

 

100,753

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Stock-based compensation plans

 

 

2,774

 

 

 

3,075

 

 

 

-

 

Convertible Notes (as converted to common stock)

 

 

21,543

 

 

 

13,667

 

 

 

-

 

Effect of dilutive warrants

 

 

82

 

 

 

-

 

 

 

751

 

Weighted average shares used to compute net income (loss)
   allocable to common stockholders per share, diluted

 

 

150,797

 

 

 

133,006

 

 

 

101,504

 

Outstanding Stock Options and Stock Awards Excluded from Calculation of Net Loss Per Share

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Outstanding securities not included in diluted net income (loss)
   allocable to common stockholders per share calculation
   (in thousands):

 

 

 

 

 

 

 

 

 

Stock options and stock awards

 

 

7,165

 

 

 

5,953

 

 

 

10,299

 

Series B Convertible Preferred Stock (as converted to common stock)

 

 

-

 

 

 

-

 

 

 

4,140

 

Warrants (as exercisable into common stock)

 

 

-

 

 

 

1,883

 

 

 

-