INCOME (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2021

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average common shares outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is computed based on the weighted-average common shares outstanding plus the effect of dilutive potential common shares outstanding during the period calculated using the treasury stock method and the if-converted method. Dilutive potential common shares include stock options, non-vested shares, redeemable convertible preferred shares, convertible notes, restricted stock and similar equity instruments granted by the Company. Some restricted stock units vest upon certain performance and market conditions and as they vest, the shares will be included in outstanding common shares. Potential common share equivalents have been excluded where their inclusion would be anti-dilutive.

Basic and diluted net income (loss) attributable to common holders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock, common stock subject to restricted stock purchase agreements, early exercised options, and restricted shares are considered participating securities. Under the two-class method, distributed and undistributed income allocated to participating securities are excluded from net income (loss) attributable to common stockholders for purposes of calculating basic and diluted income (loss) per share. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses, therefore, net losses for the years ended December 31, 2020 and 2019 was attributed entirely to common stockholders and there is no difference in the number of shares used to calculate basic and diluted shares outstanding.

The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share:


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss)	$	86,418	$	(47,352)	$	(20,606)
Less: Income allocated to participating securities	53,310		—		—
Net income (loss) attributable to common stockholders – basic	33,108		(47,352)		(20,606)

Plus: Income allocated to non-participating securities	2,285		—		—
Net income (loss) attributable to common stockholders - diluted	$	35,393	$	(47,352)	$	(20,606)

Denominator:
Basic weighted-average common shares outstanding	52,815,449		16,315,730		15,760,246
Dilutive potential common stock issuable:
Common stock warrants	81,517		—		—
Preferred stock warrants	37,074		—		—
Stock options	6,631,061		—		—
Restricted stock units	70,283		—		—
Diluted weighted-average shares outstanding	59,635,384		16,315,730		15,760,246

Net income (loss) attributable to common stockholders per share
Basic	$	0.63	$	(2.90)	$	(1.31)
Diluted	$	0.59	$	(2.90)	$	(1.31)

In periods of net losses, potentially dilutive securities are not included in the calculation of diluted net income (loss) per share because to do so would be anti-dilutive.

Outstanding anti-dilutive securities not included in the diluted net income (loss) per share attributable to common stockholders calculations were as follows (in common stock equivalent shares):


	Year Ended December 31,
	2021	2020	2019
Redeemable convertible preferred stock	—	83,526,065	54,527,458
Stock options	2,724,654	8,344,752	8,244,751
Early exercised stock options	—	316,666	—
Restricted stock units	5,624,195	—	—
Performance restricted stock units	4,932,572	—	—
Common stock subject to restricted stock purchase agreements	—	9,872,293	2,924,130
Common stock warrants	—	75,744	75,744
Redeemable convertible preferred stock warrants	—	79,882	79,882
Total	13,281,421	102,215,402	65,851,965