Net Income Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Common Stockholders

Net Income Per Share Attributable to Common Stockholders

The Company has two classes of common stock, Class A and Class B. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

The following table sets forth the computation of the Company’s basic and diluted net income per share (in thousands, except share and per share data):

	Year Ended December 31,
	2023		2022		2021
	(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders – basic	$	8,881	$	28,705	$	56,604
Denominator:
Weighted average shares outstanding – basic	51,760		52,278		50,184
Options to purchase common stock	4,037		4,606		6,354
Restricted stock	178		13		30
Employee stock purchase plan shares	52		11		61
Weighted average shares outstanding – diluted	56,027		56,908		56,629
Net income per share attributable to common stockholders – diluted	$	0.16	$	0.50	$	1.00

The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):

	Year Ended December 31,
	2023	2022	2021
Options to purchase common stock	2,167	1,016	671
Unvested restricted stock units	1,106	1,165	—
ESPP	37	73	—
Total common stock equivalents excluded from net income per share attributable to common stockholders – diluted	3,310	2,254	671