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Net Income (Loss) Per Share of Common Stock
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share of Common Stock

11. Net Income (Loss) Per Share of Common Stock

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. In computing diluted net income (loss) attributable to common stockholders, net income (loss) is re-allocated to reflect the potential impact of dilutive securities, including stock options, warrants, unvested restricted stock and unvested ZSUs. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding, including potential dilutive securities. For periods in which we have generated a net loss or there is no income attributable to common stockholders, we do not include stock options, warrants, unvested restricted stock and unvested ZSUs in our computation of diluted net income (loss) per share, as the impact of these awards is anti-dilutive. The net per share amounts are the same for Class A, Class B and Class C common stock because the holders of each class are legally entitled to equal per share distributions whether through dividend or distribution. Further, as we assume the conversion of Class B and Class C common shares into Class A common shares (on a one-to-one basis) for the Class A diluted net income (loss) per share computation, the net income (loss) is equal to total net income (loss) for that computation.

The following table sets forth the computation of basic and diluted net income (loss) per share of common stock (in thousands, except per share data):

 

 

 

Three Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

 

Class

 

 

Class

 

 

Class

 

 

Class

 

 

Class

 

 

Class

 

 

 

A

 

 

B

 

 

C

 

 

A

 

 

B

 

 

C

 

BASIC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common

   stockholders

 

$

16,240

 

 

$

1,423

 

 

$

428

 

 

$

(36,203

)

 

$

(4,564

)

 

$

(970

)

Weighted-average common shares outstanding

 

 

778,614

 

 

 

68,246

 

 

 

20,517

 

 

 

765,403

 

 

 

96,488

 

 

 

20,517

 

Basic net income (loss) per share

 

$

0.02

 

 

$

0.02

 

 

$

0.02

 

 

$

(0.05

)

 

$

(0.05

)

 

$

(0.05

)

DILUTED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common

   stockholders

 

$

16,240

 

 

$

1,423

 

 

$

428

 

 

$

(36,203

)

 

$

(4,564

)

 

$

(970

)

Reallocation of net income (loss) as a result of

   conversion of Class C shares to Class A shares

 

 

428

 

 

 

—

 

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

Reallocation of net income (loss) as a result of

   conversion of Class B shares to Class A shares

 

 

1,423

 

 

 

—

 

 

 

—

 

 

 

(4,564

)

 

 

—

 

 

 

—

 

Reallocation of net income (loss) to Class B and    Class C shares

 

 

—

 

 

 

129

 

 

 

(13

)

 

 

—

 

 

 

—

 

 

 

—

 

Net income (loss) attributable to common

   stockholders-diluted

 

$

18,091

 

 

$

1,552

 

 

$

415

 

 

$

(41,737

)

 

$

(4,564

)

 

$

(970

)

Weighted-average common shares outstanding-basic

 

 

778,614

 

 

 

68,246

 

 

 

20,517

 

 

 

765,403

 

 

 

96,488

 

 

 

20,517

 

Conversion of Class C to Class A common shares

   outstanding

 

 

20,517

 

 

 

—

 

 

 

—

 

 

 

20,517

 

 

 

—

 

 

 

—

 

Conversion of Class B to Class A common shares

   outstanding

 

 

68,246

 

 

 

—

 

 

 

—

 

 

 

96,488

 

 

 

—

 

 

 

—

 

Weighted-average effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and employee stock purchase plan

 

 

10,125

 

 

 

8,438

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

ZSUs

 

 

15,284

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Performance-based ZSUs

 

 

898

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average common shares

   outstanding-diluted

 

 

893,684

 

 

 

76,684

 

 

 

20,517

 

 

 

882,408

 

 

 

96,488

 

 

 

20,517

 

Diluted net income (loss) per share

 

$

0.02

 

 

$

0.02

 

 

$

0.02

 

 

$

(0.05

)

 

$

(0.05

)

 

$

(0.05

)

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

 

Class

 

 

Class

 

 

Class

 

 

Class

 

 

Class

 

 

Class

 

 

 

A

 

 

B

 

 

C

 

 

A

 

 

B

 

 

C

 

BASIC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common

   stockholders

 

$

12,223

 

 

$

1,155

 

 

$

324

 

 

$

(62,306

)

 

$

(8,731

)

 

$

(1,704

)

Weighted-average common shares outstanding

 

 

774,917

 

 

 

73,273

 

 

 

20,517

 

 

 

750,038

 

 

 

105,101

 

 

 

20,517

 

Basic net income (loss) per share

 

$

0.02

 

 

$

0.02

 

 

$

0.02

 

 

$

(0.08

)

 

$

(0.08

)

 

$

(0.08

)

DILUTED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common

   stockholders

 

$

12,223

 

 

$

1,155

 

 

$

324

 

 

$

(62,306

)

 

$

(8,731

)

 

$

(1,704

)

Reallocation of net income (loss) as a result of

   conversion of Class C shares to Class A shares

 

 

324

 

 

 

—

 

 

 

—

 

 

 

(1,704

)

 

 

—

 

 

 

—

 

Reallocation of net income (loss) as a result of

   conversion of Class B shares to Class A shares

 

 

1,155

 

 

 

—

 

 

 

—

 

 

 

(8,731

)

 

 

—

 

 

 

—

 

Reallocation of net income (loss) to Class B and Class C shares

 

 

—

 

 

 

95

 

 

 

(10

)

 

 

—

 

 

 

—

 

 

 

—

 

Net income (loss) attributable to common

   stockholders-diluted

 

$

13,702

 

 

$

1,250

 

 

$

314

 

 

$

(72,741

)

 

$

(8,731

)

 

$

(1,704

)

Weighted-average common shares outstanding-basic

 

 

774,917

 

 

 

73,273

 

 

 

20,517

 

 

 

750,038

 

 

 

105,101

 

 

 

20,517

 

Conversion of Class C to Class A common

   shares outstanding

 

 

20,517

 

 

 

—

 

 

 

—

 

 

 

20,517

 

 

 

—

 

 

 

—

 

Conversion of Class B to Class A common

   shares outstanding

 

 

73,273

 

 

 

—

 

 

 

—

 

 

 

105,101

 

 

 

—

 

 

 

—

 

Weighted-average effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and employee stock purchase

   plan

 

 

9,366

 

 

 

8,373

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

ZSUs

 

 

16,236

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Performance-based ZSUs

 

 

898

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average common shares

   outstanding-diluted

 

 

895,207

 

 

 

81,646

 

 

 

20,517

 

 

 

875,656

 

 

 

105,101

 

 

 

20,517

 

Diluted net income (loss) per share

 

$

0.02

 

 

$

0.02

 

 

$

0.02

 

 

$

(0.08

)

 

$

(0.08

)

 

$

(0.08

)

 

 

The following weighted-average equity awards were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Stock options and employee stock purchase plan

 

 

11,859

 

 

 

29,814

 

 

 

17,440

 

 

 

25,817

 

Restricted shares

 

 

—

 

 

 

3,344

 

 

 

467

 

 

 

4,165

 

ZSUs

 

 

88

 

 

 

62,587

 

 

 

4,330

 

 

 

62,850

 

Total

 

 

11,947

 

 

 

95,745

 

 

 

22,237

 

 

 

92,832