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Net (Loss) Income Per Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Net (Loss) Income Per Share | Net Income (Loss) Per Share Adoption of ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity We adopted ASU 2020-06 on January 1, 2021 under the modified retrospective method applied to convertible senior notes outstanding as of January 1, 2021 and have not changed previously disclosed amounts or provided additional disclosures for comparative periods. ASU 2020-06 requires the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. Under the if-converted method, outstanding convertible senior notes are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020(1) |  | 2021 |  | 2020(1)
Basic |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income (loss) | $ | 32,764 |  |  | $ | 10,589 |  |  | $ | (32,415) |  |  | $ | 4,876 |
Denominator: |  |  |  |  |  |  |
Weighted average shares used to compute net income (loss) per share, basic | 143,112 |  |  | 123,842 |  |  | 138,756 |  |  | 123,135 |
Net income (loss) per share, basic | $ | 0.23 |  |  | $ | 0.09 |  |  | $ | (0.23) |  |  | $ | 0.04 |
Diluted |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income (loss) | $ | 32,764 |  |  | $ | 10,589 |  |  | $ | (32,415) |  |  | $ | 4,876 |
Convertible senior notes interest expense, net of tax | 1,212 |  |  | — |  |  | — |  |  | — |
Net income (loss), diluted | $ | 33,976 |  |  | $ | 10,589 |  |  | $ | (32,415) |  |  | $ | 4,876 |
Denominator: |  |  |  |  |  |  |
Weighted average shares used to compute net income (loss) per share, basic | 143,112 |  |  | 123,842 |  |  | 138,756 |  |  | 123,135 |
Options to purchase common stock | 504 |  |  | 958 |  |  | — |  |  | 1,013 |
PSUs and RSUs | 1,791 |  |  | 2,707 |  |  | — |  |  | 3,175 |
Shares related to convertible senior notes | 22,875 |  |  | 6,344 |  |  | — |  |  | 5,351 |
Weighted average shares used to compute net income (loss) per share, diluted | 168,282 |  |  | 133,851 |  |  | 138,756 |  |  | 132,674 |
Net income (loss) per share, diluted | $ | 0.20 |  |  | $ | 0.08 |  |  | $ | (0.23) |  |  | $ | 0.04 |
(1) As noted above, prior period amounts have not been adjusted due to the adoption of ASU 2020-06 under the modified retrospective method. The following potential weighted-average shares of common stock outstanding were excluded from the computation of diluted net income (loss) per share because including them would have been anti-dilutive (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Options to purchase common stock | — |  |  | — |  |  | 530 |  |  | — |
PSUs and RSUs | 1,137 |  |  | 103 |  |  | 2,464 |  |  | 52 |
Shares related to convertible senior notes | 268 |  |  | — |  |  | 25,901 |  |  | — |
Employee stock purchase plan | 5 |  |  | 10 |  |  | 5 |  |  | 10 |
Total common stock equivalents | 1,410 |  |  | 113 |  |  | 28,900 |  |  | 62 |

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