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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 | 9. Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of our common stock outstanding. For the calculation of diluted net income per share, net income attributable to common stockholders for basic net income per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans and change in fair value of warrant liability. Diluted net income per share attributable to common stockholders is computed by dividing the resulting net income attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding. The numerators and denominators of the basic net income (loss) and diluted net income per share computations for our common stock are calculated as follows (in thousands):
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerator |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 14,293 |  |  | $ | 63,809 |  |  | $ | (6,608 | ) |  | $ | 225,423 |
Less: undistributed earnings allocated to participating securities |  | - |  |  |  | - |  |  |  | - |  |  |  | (291 | )
Net income (loss) attributable to common stockholders, basic |  | 14,293 |  |  |  | 63,809 |  |  |  | (6,608 | ) |  |  | 225,132 |
Add: undistributed earnings allocated to participating securities |  | - |  |  |  | - |  |  |  | - |  |  |  | 291 |
Less: removal of change in fair value of warrant liability |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,801 | )
Add: interest expense on convertible notes |  | 1,268 |  |  |  | 1,262 |  |  |  | - |  |  |  | 3,780 |
Net income (loss) attributable to common stockholders, diluted | $ | 15,561 |  |  | $ | 65,071 |  |  | $ | (6,608 | ) |  | $ | 227,402 |
Denominator |  |  |  |  |  |  |  |  |  |  |
Weighted average common stock outstanding, basic |  | 128,988 |  |  |  | 127,062 |  |  |  | 128,515 |  |  |  | 125,997 |
Effect of dilutive shares: |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation plans |  | 3,665 |  |  |  | 2,933 |  |  |  | - |  |  |  | 2,784 |
Dilutive warrants |  | - |  |  |  | - |  |  |  | - |  |  |  | 109 |
Convertible Notes (as converted to common stock) |  | 21,543 |  |  |  | 21,543 |  |  |  | - |  |  |  | 21,543 |
Weighted average common stock outstanding, diluted |  | 154,196 |  |  |  | 151,538 |  |  |  | 128,515 |  |  |  | 150,433 |
The following were excluded from the calculation of diluted net income (loss) per share as the effect of their inclusion would have been anti-dilutive (in thousands).
| Three months ended September 30, |  |  | Nine months ended September 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Outstanding securities not included in diluted net income (loss) per share calculation: |  |  |  |  |  |  |  |  |  |  |
Stock options and stock awards |  | 5,605 |  |  |  | 5,214 |  |  |  | 15,304 |  |  |  | 7,417 |
Convertible Notes (as converted to common stock) |  | - |  |  |  | - |  |  |  | 21,543 |  |  |  | - |
Total |  | 5,605 |  |  |  | 5,214 |  |  |  | 36,847 |  |  |  | 7,417 |

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