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Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Net Income (Loss) Per Share

Net Income (Loss) Per Share

12. Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive common shares. Diluted net income per share is computed by dividing the net income by the weighted average number of common shares outstanding for the period plus any diluted potential common shares outstanding for the period determined using the treasury stock method for options, RSUs and ESPP and using the if-converted method for the convertible notes. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for any potential dilutive common share equivalents as their effect would be antidilutive.

The following table sets forth the computation of the basic and diluted net income (loss) per share:


		Three Months Ended
			March 31,
(in thousands, except share and per share data)		2024			2023
Basic net income (loss) per share
Numerator:
Net income (loss)		$	102,875		$	(75,729)
Denominator:
Weighted-average common shares outstanding			112,749,306			79,268,853
Basic net income (loss) per share		$	0.91		$	(0.96)

Diluted net income (loss) per share
Numerator:
Net income (loss)		$	102,875		$	(75,729)
Add interest expense on convertible notes, net of tax			1,195			—
Numerator for diluted net income (loss) per share		$	104,070		$	(75,729)
Denominator:
Denominator for basic net income (loss) per share			112,749,306			79,268,853
Add effect of potential dilutive securities:
Stock options, including shares subject to ESPP			406,217			—
Restricted stock units			432,296			—
Shares issuable upon conversion of convertible notes			11,942,152			—
Denominator for diluted net income (loss) income per share			125,529,971			79,268,853
Diluted net income (loss) per share		$	0.83		$	(0.96)

The following outstanding dilutive potential shares were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect:


		Three Months Ended
		March 31,
		2024		2023
Stock options, including shares subject to ESPP		26,109,011		23,996,096
Restricted stock units		1,066,705		2,586,168
Shares issuable upon conversion of 2026 Convertible Notes		—		11,942,152
Total		27,175,716		38,524,416

The amounts in the table above exclude any shares contingently issuable pursuant to the CVR Agreement because the conditions that could result in a payment becoming due were not met.