Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Net Income Per Share

Schedule of computation of basic and diluted net income per share

The following table shows the computation of basic and diluted net income per share for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands except per share data)	2021		2020		2021		2020
Numerator:
Net income attributable to Innoviva stockholders, basic	$	72,438	$	28,218	$	255,509	$	170,499
Add: interest expense on 2023 Notes		1,186		1,171		3,553		3,535
Net income attributable to Innoviva stockholders, diluted	$	73,624	$	29,389	$	259,062	$	174,034
Denominator:
Weighted-average shares used to compute basic net income    per share attributable to Innoviva stockholders		69,458		101,358		86,298		101,306
Dilutive effect of 2023 Notes		12,189		12,189		12,189		12,189
Dilutive effect of options and awards granted under equity    incentive plan and employee stock purchase plan		52		25		49		48
Weighted-average shares used to compute diluted net income    per share attributable to Innoviva stockholders		81,699		113,572		98,536		113,543
Net income per share attributable to Innoviva stockholders
Basic	$	1.04	$	0.28	$	2.96	$	1.68
Diluted	$	0.90	$	0.26	$	2.63	$	1.53

Schedule of anti-dilutive securities

The following common stock equivalents were not included in the computation of diluted net income per share because their effect was anti-dilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2021		2020		2021		2020
Outstanding options and awards granted under equity incentive    plan and employee stock purchase plan		891		1,268		1,048		1,172