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Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The following table presents the basic and diluted net income (loss) per share:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands, except per share data)
Basic and Diluted Net Income (Loss) Per Share:
Net income (loss)$5,214 $(17,477)$(13,621)$(190,098)
Weighted-average common shares outstanding used to compute basic net income (loss) per share
141,270 137,372 140,376 136,084 
Basic net income (loss) per share
$0.04 $(0.13)$(0.10)$(1.40)
Diluted Income (Loss) Per Share:
Net income (loss) used to calculate diluted income (loss) per share
5,214 (17,477)(13,621)(190,098)
Weighted-average common shares used to compute basic net income (loss) per share
141,270 137,372 140,376 136,084 
Dilutive effect of weighted-average restricted stock units4,654 — — — 
Dilutive effect of weighted-average common stock options1,955 — — — 
Dilutive effect of weighted-average performance stock units796 — — — 
Dilutive effect of weighted-average Employee Stock Purchase Plan ("ESPP") shares22 — — — 
Weighted-average shares used to compute diluted net income (loss) per share
148,697 137,372 140,376 136,084 
Diluted net income (loss) per share
$0.04 $(0.13)$(0.10)$(1.40)
The following weighted-average shares have been excluded from the calculation of diluted net income (loss) per share attributable to common stockholders for each period presented because they were anti-dilutive:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands)(in thousands)
Unvested restricted stock units— 1,987 3,293 1,962 
Options to purchase common stock— 1,656 1,744 1,702 
Unvested performance stock units— — 546 112 
ESPP shares
— 84 47 37 
Convertible Senior Notes3,210 4,746 3,210 5,357 
Total shares excluded from diluted net income (loss) per share
3,210 8,473 8,840 9,170 

As of September 30, 2024, the performance stock units granted during 2021, 2022, 2023, and 2024 had expected achievement levels of 0%, 99%, 115%, and 150%, respectively. As of September 30, 2023, the performance stock units granted in 2021, 2022, and 2023 had expected achievement levels of 0%, 50%, and 32%, respectively. These expected achievement levels are included in the calculation of weighted-average shares in the tables above. Refer to Note 9—"Stock-Based Compensation" for additional information related to performance stock units.
As of September 30, 2024 and 2023, the number of shares that would be issuable assuming conversion of all of the Convertible Senior Notes (as defined in Note 13) was approximately 3,210,098 and 4,305,871, respectively. The Convertible Senior Notes have an initial conversion rate of 15.6539 shares of common stock per $1,000 principal amount of the Convertible Senior Notes, which will be subject to anti-dilution adjustments in certain circumstances.