Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Basic earnings per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding, net of the weighted average unvested restricted stock subject to repurchase by the Company, if any, during the period. Diluted earnings per share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of stock options, restricted stock units and stock warrants, using the treasury-stock method, and convertible preferred stock, using the if-converted method. Because the Company reported losses attributable to common stockholders for all periods presented, all potentially dilutive common stock is antidilutive for those periods.

The following table sets forth the computation of basic and diluted net (loss) income per share attributable to common stockholders during the years ended December 31, 2022, 2021, and 2020 (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Net (loss) income	$	(118,685)	$	(38,329)	$	76,544
Loss from continuing operations	$	(118,685)	$	(38,369)	$	(19,839)
Income from discontinuing operations, net of taxes	$	—	$	40	$	96,383

Weighted-average common shares outstanding, basic and diluted	91,452		97,352		106,315

(Loss) income per share, basic and diluted
Continuing operations	$	(1.30)	$	(0.39)	$	(0.19)
Discontinued operations	$	—	$	—	$	0.91

The following table presents the number of anti-dilutive shares excluded from the calculation of diluted net (loss) income per share attributable to common stockholders at December 31, 2022, 2021, and 2020 (in thousands):


	December 31,
	2022	2021	2020
Options to purchase common stock	5,114	6,078	10,009
Common stock warrants	—	—	510
Unvested restricted stock units	10,008	7,536	6,918
Total shares excluded from net loss per share attributable to common stockholders	15,122	13,614	17,437