Net Loss per Share

3 Months Ended

Mar. 31, 2020

The following table summarizes the computation of basic and diluted net loss per share of our common stock for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
	(in thousands, except share and per share data)
Numerator:
Net loss	$	(22,924)	$	(11,673)
Denominator:
Weighted-average common shares outstanding, basic and diluted	50,127,310		47,827,939
Net loss per share attributable to common stockholders, basic and diluted	$	(0.46)	$	(0.24)

The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been anti-dilutive:


	Three Months Ended March 31,
	2020	2019
Options to purchase common stock	2,568,776	3,465,033
Unvested restricted stock	—	5,422
Unvested restricted stock units	3,715,342	3,752,506
Shares to be issued under ESPP	11,522	6,280
Total	6,295,640	7,229,241

The shares underlying the conversion option in the 2023 Notes were not considered in the calculation of diluted net loss per share as the effect would have been anti-dilutive. Based on the initial conversion price, the entire outstanding principal amount of the 2023 Notes as of March 31, 2020 would have been convertible into approximately 5.5 million shares. We expect to settle the principal amount of the 2023 Notes in cash. As a result, only the amount by which the conversion value exceeds the aggregated principal amount of the 2023 Notes is considered in the diluted earnings per share computation under the treasury stock method. The conversion spread has a dilutive impact on diluted net income per share when the average market price of our common stock for a given period of time exceeds the initial conversion price of $41.59 per share for the 2023 Notes. In connection with the issuance of the 2023 Notes, we entered into Capped Calls, which were not included for the purpose of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive.