INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2021

Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options, restricted stock units, performance share units, ESPP shares, warrants and convertible senior notes. If dilutive, those potentially dilutive securities are reflected in diluted net income (loss) per share using the treasury stock method, except for the convertible senior notes, which are subject to the if-converted method.

The following table sets forth the computation of basic and diluted net income (loss) per share of common stock for the three and six months ended June 30, 2021 and 2020 (in thousands, except share amounts and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic and diluted net income (loss) per share:

Numerator
Income (loss) - continuing operations	$	(3,129)	$	(73,112)	$	11,319	$	(283,972)
Less: Income (loss) attributable to noncontrolling interests	253		(995)		143		2,049
Basic net income (loss) attributable to common stockholders - continuing operations	(3,382)		(72,117)		11,176		(286,021)
Net income (loss) attributable to common stockholders - discontinued operations	—		—		—		382
Basic net income (loss) attributable to common stockholders	$	(3,382)	$	(72,117)	$	11,176	$	(285,639)

Diluted net income (loss) attributable to common stockholders - continuing operations	(3,382)		(72,117)		11,176		(286,021)
Net income (loss) attributable to common stockholders - discontinued operations	—		—		—		382
Diluted net income (loss) attributable to common stockholders	$	(3,382)	$	(72,117)	$	11,176	$	(285,639)

Denominator
Shares used in computation of basic net income (loss) per share	29,273,806		28,493,258		29,139,930		28,426,308
Weighted-average effect of diluted securities
Restricted stock units	—		—		893,440		—
Performance share units and other stock-based compensation awards	—		—		87,481		—
Shares used in computation of diluted net income (loss) per share	29,273,806		28,493,258		30,120,851		28,426,308

Basic net income (loss) per share:
Continuing operations	$	(0.12)	$	(2.53)	$	0.38	$	(10.06)
Discontinued operations	—		—		—		0.01
Basic net income (loss) per share	$	(0.12)	$	(2.53)	$	0.38	$	(10.05)

Diluted net income (loss) per share:
Continuing operations	$	(0.12)	$	(2.53)	$	0.37	$	(10.06)
Discontinued operations	—		—		—		0.01
Diluted net income (loss) per share	$	(0.12)	$	(2.53)	$	0.37	$	(10.05)

The following weighted-average potentially dilutive instruments are not included in the diluted net income (loss) per share calculations above because they would have had an antidilutive effect on the net income (loss) per share from continuing operations:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Restricted stock units	1,871,251	1,431,857	189,132	1,509,472
Performance share units and other stock-based compensation awards	104,393	118,603	—	221,284
Convertible senior notes due 2022 (1)	1,119,251	2,314,815	1,717,033	2,314,815
Convertible senior notes due 2026 (1)	3,352,202	—	1,676,101	—
Warrants	1,195,564	2,314,815	1,755,189	2,314,815
Capped call transactions	3,352,202	—	1,773,968	—
Total	10,994,863	6,180,090	7,111,423	6,360,386

(1)We apply the if-converted method in computing the effect of our convertible senior notes on diluted net income (loss) per share, whereby the numerator of our diluted net income (loss) per share computations are adjusted for interest expense, net of tax, and the denominator is adjusted for the number shares into which the convertible senior notes could be converted. The effect is only included in the calculation of income (loss) per share for those instruments for which it would reduce income (loss) per share. See Note 5, Financing Arrangements, for additional information.

We had outstanding Market-based Performance Share Units as of June 30, 2021 and 2020 that were eligible to vest into shares of common stock subject to the achievement of specified performance or market conditions. Contingently issuable shares are excluded from the computation of diluted income (loss) per share if, based on current period results, the shares would not be issuable if the end of the reporting period were the end of the contingency period. As of June 30, 2021, there were up to 57,668 shares of common stock issuable upon vesting of outstanding Market-based Performance Share Units that were excluded from the table above as the performance or market conditions were not satisfied as of the end of the period.