Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share Basic earnings per share (“EPS”) excludes dilution for common stock equivalents and is computed by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. All options, warrants, or other potentially dilutive instruments issued for nominal consideration are required to be included in the calculation of basic and diluted net income attributable to common stockholders. Diluted EPS is calculated using the “if-converted” method. The “if-converted” method is only assumed in periods where such application would be dilutive. In applying the “if-converted” method for diluted net income per share, the Company would assume conversion of the 2024 Notes at a ratio of 25.9182 shares of its common stock per $1,000 principal amount of the 2024 Notes. The Company would assume conversion of the 2026 Notes at a ratio of 13.2933 shares of its common stock per $1,000 principal amount of the 2026 Notes. Assumed converted shares of the Company’s common stock are weighted for the period the 2024 Notes and 2026 Notes were outstanding. The shares of common stock underlying the conversion option of the 2024 Notes and 2026 Notes were not included in the calculation of diluted income per share for the three and six months ended June 30, 2022.

See Note 8 – Convertible Senior Notes, Net and Capped Call Transactions for a description of the 2024 Notes and 2026 Notes.

A reconciliation of shares used in calculating basic and diluted net loss per share follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net loss (in thousands)	$	(75,411)	$	(21,119)	$	(140,775)	$	(42,314)
Weighted average number of shares outstanding, basic and diluted	77,290,465		69,057,129		76,555,518		68,482,653
Net loss per share, basic and diluted	$	(0.98)	$	(0.31)	$	(1.84)	$	(0.62)

The anti-dilutive securities excluded from the shares used to calculate diluted net loss per share are as follows:

	As of June 30,
	2022	2021
Shares subject to outstanding common stock options and employee stock purchase plan	4,784,614	4,252,817
Restricted stock units	4,066,555	3,023,476
Conversion option of the 2024 Notes	5,961,186	5,961,186
Conversion option of the 2026 Notes	6,879,283	6,879,283
	21,691,638	20,116,762