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Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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						Nine Months Ended
		September 30,							September 30,
(in thousands, except share and per share data)		2024			2023			2024			2023
Basic net income (loss) per share
Numerator:
Net income (loss)		$	(10,751)		$	(39,641)		$	79,203		$	(158,239)
Denominator:
Weighted-average common shares outstanding			115,210,091			97,738,509			114,263,256			88,277,936
Basic net income (loss) per share		$	(0.09)		$	(0.41)		$	0.69		$	(1.79)

Diluted net income (loss) per share
Numerator:
Net income (loss)		$	(10,751)		$	(39,641)		$	79,203		$	(158,239)
Add interest expense on convertible notes, net of tax			—			—			3,591			—
Numerator for diluted net income (loss) per share		$	(10,751)		$	(39,641)		$	82,794		$	(158,239)
Denominator:
Denominator for basic net income (loss) per share			115,210,091			97,738,509			114,263,256			88,277,936
Add effect of potential dilutive securities:
Stock options, including shares subject to ESPP			—			—			213,872			—
Restricted stock units			—			—			144,271			—
Shares issuable upon conversion of convertible notes			—			—			11,942,152			—
Denominator for diluted net income (loss) income per share			115,210,091			97,738,509			126,563,551			88,277,936
Diluted net income (loss) per share		$	(0.09)		$	(0.41)		$	0.65		$	(1.79)

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				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
Stock options, PSOs, including shares subject to ESPP		30,104,147		24,558,893		28,103,519		24,003,706
Restricted stock units		831,401		2,141,403		930,737		2,354,166
Shares issuable upon conversion of 2026 Convertible Notes		11,942,152		11,942,152		—		11,942,152
Total		42,877,700		38,642,448		29,034,256		38,300,024

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.