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Net income per share attributable to common stockholders | 9 Months Ended
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Sep. 30, 2015
Earnings Per Share [Abstract] |
Net income per share attributable to common stockholders | Net income per share attributable to common stockholders Basic and diluted net income per common share is presented in conformity with the two-class method required for participating securities. The Company considers shares issued upon the early exercise of options subject to repurchase and non-vested restricted shares to be participating securities, because holders of such shares have a non-forfeitable right to dividends. Additionally, prior to the date of the Company's initial public offering (IPO) in June 2014, the Company considered its redeemable convertible preferred stock to be participating securities due to their non-cumulative dividend rights. Immediately after the completion of the Company's IPO, all outstanding shares of redeemable convertible preferred stock converted to Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock and has no expiration date. Each share of Class B common stock will convert automatically into one share of Class A common stock upon the date when the outstanding shares of Class B common stock represent less than 10% of the aggregate number of shares of common stock then outstanding. Class A common stock is not convertible into Class B common stock. Basic net income per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. All participating securities are excluded from basic weighted average common shares outstanding. Diluted net income per share attributable to common stockholders is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. Undistributed earnings are allocated based on the contractual participation rights of common shares as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The computation of the diluted net income per share of Class A common stock assumes the conversion of Class B common stock. The following table presents the calculations of basic and diluted net income per share attributable to common stockholders:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands, except per share data) | 2015 |  | 2014 |  | 2015 |  | 2014
| Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A |  | Class B
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net income | $ | 13,849 |  |  | $ | 4,950 |  |  | $ | 2,395 |  |  | $ | 12,225 |  |  | $ | 46,561 |  |  | $ | 24,021 |  |  | $ | 417 |  |  | $ | 5,411 |
Less: net income allocable to participating securities | — |  |  | — |  |  | (6 | ) |  | (30 | ) |  | — |  |  | — |  |  | (73 | ) |  | (949 | )
Net income attributable to common stockholders—basic | 13,849 |  |  | 4,950 |  |  | 2,389 |  |  | 12,195 |  |  | 46,561 |  |  | 24,021 |  |  | 344 |  |  | 4,462 |
Add: net income allocable to dilutive participating securities | — |  |  | — |  |  | 1 |  |  | 4 |  |  | — |  |  | — |  |  | 10 |  |  | 130 |
Reallocation of net income as a result of conversion of Class B to Class A shares | 4,950 |  |  |  |  | 12,195 |  |  | — |  |  | 24,021 |  |  |  |  | 4,462 |  |  | — |
Reallocation of net income to Class B shares | — |  |  | 960 |  |  | — |  |  | — |  |  | — |  |  | 4,215 |  |  | — |  |  | — |
Net income attributable to common stockholders—diluted | $ | 18,799 |  |  | $ | 5,910 |  |  | $ | 14,585 |  |  | $ | 12,199 |  |  | $ | 70,582 |  |  | $ | 28,236 |  |  | $ | 4,816 |  |  | $ | 4,592 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares—basic | 100,040 |  |  | 35,760 |  |  | 20,597 |  |  | 105,116 |  |  | 88,234 |  |  | 45,521 |  |  | 6,941 |  |  | 89,964 |
Conversion of Class B to Class A common stock outstanding | 35,760 |  |  | — |  |  | 105,116 |  |  | — |  |  | 45,521 |  |  | — |  |  | 89,964 |  |  | — |
Effect of potentially dilutive shares | 10,255 |  |  | 10,159 |  |  | 19,473 |  |  | 19,317 |  |  | 13,446 |  |  | 13,366 |  |  | 18,673 |  |  | 18,621 |
Weighted-average common shares—diluted | 146,055 |  |  | 45,919 |  |  | 145,186 |  |  | 124,433 |  |  | 147,201 |  |  | 58,887 |  |  | 115,578 |  |  | 108,585 |
Net income per share attributable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 0.53 |  |  | $ | 0.53 |  |  | $ | 0.05 |  |  | $ | 0.05 |
Diluted | $ | 0.13 |  |  | $ | 0.13 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 0.04 |  |  | $ | 0.04 |
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2015 |  | 2014 |  | 2015 |  | 2014
Redeemable convertible preferred stock | — |  |  | — |  |  | — |  |  | 20,237 |
Stock options, ESPP shares, and RSUs | 2,373 |  |  | 366 |  |  | 1,993 |  |  | 2,871 |
Unvested restricted stock awards | — |  |  | 308 |  |  | 2 |  |  | 376 |
| 2,373 |  |  | 674 |  |  | 1,995 |  |  | 23,484 |

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