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Net Income (Loss) Per Share | 6 Months Ended
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Jun. 30, 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, PSOs, 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 | ​ | Six Months Ended
​ | ​ | June 30, | ​ | ​ | June 30,
(in thousands, except share and per share data) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Basic net income (loss) per share |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Numerator: |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |
Net income (loss) | ​ | $ | (12,921) | ​ | $ | (42,869) | ​ | $ | 89,954 | ​ | $ | (118,598)
Denominator: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Weighted-average common shares outstanding | ​ |  | 114,819,965 | ​ |  | 87,269,614 | ​ |  | 113,784,636 | ​ |  | 83,469,247
Basic net income (loss) per share | ​ | $ | (0.11) | ​ | $ | (0.49) | ​ | $ | 0.79 | ​ | $ | (1.42)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted net income (loss) per share | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Numerator: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net income (loss) | ​ | $ | (12,921) | ​ | $ | (42,869) | ​ | $ | 89,954 | ​ | $ | (118,598)
Add interest expense on convertible notes, net of tax | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,392 | ​ | ​ | —
Numerator for diluted net income (loss) per share | ​ | $ | (12,921) | ​ | $ | (42,869) | ​ | $ | 92,346 | ​ | $ | (118,598)
Denominator: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Denominator for basic net income (loss) per share | ​ |  | 114,819,965 | ​ |  | 87,269,614 | ​ |  | 113,784,636 | ​ |  | 83,469,247
Add effect of potential dilutive securities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Stock options, including shares subject to ESPP | ​ |  | — | ​ |  | — | ​ |  | 231,846 | ​ |  | —
Restricted stock units | ​ |  | — | ​ |  | — | ​ |  | 216,168 | ​ |  | —
Shares issuable upon conversion of convertible notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,942,152 | ​ | ​ | —
Denominator for diluted net income (loss) income per share | ​ |  | 114,819,965 | ​ |  | 87,269,614 | ​ |  | 126,174,802 | ​ |  | 83,469,247
Diluted net income (loss) per share | ​ | $ | (0.11) | ​ | $ | (0.49) | ​ | $ | 0.73 | ​ | $ | (1.42)
​ 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 | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Stock options, PSOs, including shares subject to ESPP |  | 28,097,400 |  | 23,311,075 | ​ | 27,103,206 |  | 23,713,858
Restricted stock units |  | 894,106 |  | 2,339,814 | ​ | 980,406 |  | 2,462,311
Shares issuable upon conversion of 2026 Convertible Notes | ​ | 11,942,152 | ​ | 11,942,152 | ​ | — | ​ | 11,942,152
Total |  | 40,933,658 |  | 37,593,041 | ​ | 28,083,612 |  | 38,118,321
​ 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.

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