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Net (Loss) Income Per Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Net Loss Per Share | 13. Net (Loss) Income Per Share Basic net (loss) income per share is computed by dividing net (loss) income 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 (loss) income and diluted net income per share computations for our common stock are calculated as follows (in thousands):
|  | Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Numerator |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (6,389 | ) |  | $ | 293,156 |  |  | $ | 76,713 |
Less: undistributed earnings allocated to participating securities |  |  |  |  |  | (283 | ) |  |  | (4,569 | )
Net (loss) income allocable to common stockholders, basic |  |  | (6,389 | ) |  |  | 292,873 |  |  |  | 72,144 |
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 | ) |  |  | - |
Net (loss) income allocable to common stockholders, diluted |  | $ | (6,389 | ) |  | $ | 296,399 |  |  | $ | 75,691 |
Denominator |  |  |  |  |  |  |  |  |
Weighted average shares used to compute net (loss) income allocable to common stockholders per share, basic |  |  | 128,733 |  |  |  | 126,398 |  |  |  | 116,264 |
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 |  |  |  | - |
Weighted average shares used to compute net (loss) income allocable to common stockholders per share, diluted |  |  | 128,733 |  |  |  | 150,797 |  |  |  | 133,006 |
The following were excluded from the calculation of diluted net (loss) income per share as the effect of their inclusion would have been anti-dilutive (in thousands).
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Outstanding securities not included in diluted net (loss) income allocable to common stockholders per share calculation (in thousands): |  |  |  |  |  |  |  |  |
Stock options and stock awards |  |  | 15,158 |  |  |  | 7,165 |  |  |  | 5,953 |
Convertible Notes (as converted to common stock) |  |  | 21,543 |  |  |  | - |  |  |  | - |
Warrants (as exercisable into common stock) |  |  | - |  |  |  | - |  |  |  | 1,883 |

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