Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 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 months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(In thousands except per share data)	2021		2020
Numerator:
Net income attributable to Innoviva stockholders, basic	$	94,123	$	65,437
Add: interest expense on 2023 Notes		1,204		1,180
Net income attributable to Innoviva stockholders, diluted	$	95,327	$	66,617
Denominator:
Weighted-average shares used to compute basic net income per share attributable to Innoviva stockholders		101,365		101,235
Dilutive effect of 2023 Notes		12,189		12,189
Dilutive effect of options and awards granted under equity incentive plan and employee stock purchase plan		70		85
Weighted-average shares used to compute diluted net income per share attributable to Innoviva stockholders		113,624		113,509
Net income per share attributable to Innoviva stockholders
Basic	$	0.93	$	0.65
Diluted	$	0.84	$	0.59

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 March 31,
(In thousands)	2021		2020
Outstanding options and awards granted under equity incentive plan and employee stock purchase plan	$	1,159	$	1,094