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Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

11. Net Income (Loss) Per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net income (loss) per common share is computed by dividing the net income (loss) by the sum of the weighted-average number of common shares outstanding during the period plus any potential dilutive effects of common stock equivalents outstanding during the period calculated in accordance with the treasury stock method. For periods that the Company was in a net loss position, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential common securities outstanding would have been anti-dilutive The following is a calculation of the basic and diluted net income per share (in thousands, except share and per share data):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
Net income, basic and diluted		$	175,312			$	110,428			$	617,440			$	3,330
Weighted-average shares outstanding, basic			132,729,530				130,665,831				132,422,028				129,520,837
Weighted-average effect of dilutive securities:
Options to purchase common stock			2,144,302				3,173,930				2,227,493				3,757,681
Restricted shares subject to future vesting			75,759				14,658				55,080				36,138
Shares to purchase under Employee Stock Purchase Plan			13,726				—				7,176				—
Contingently issuable shares			—				—				—				4,323
Weighted-average shares outstanding, diluted			134,963,317				133,854,419				134,711,777				133,318,979
Net income per share, basic		$	1.32			$	0.85			$	4.66			$	0.03
Net income per share, diluted		$	1.30			$	0.82			$	4.58			$	0.02

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
Options issued and outstanding			8,381,275				6,316,134				8,717,954				5,278,033
Restricted shares subject to future vesting			2,194,050				1,067,204				2,720,818				1,025,454
Total			10,575,325				7,383,338				11,438,772				6,303,487

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- References

No definition available.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI https://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257

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