Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per share is computed by dividing net (loss) income by the weighted average number of dilutive common shares outstanding during the period. Diluted shares outstanding are calculated by adding to the weighted average shares outstanding any potential dilutive securities outstanding for the period. Potential dilutive securities include stock options, restricted stock units, performance-based stock awards and shares to be purchased under the Company’s employee stock purchase plan.

For purposes of the diluted net loss per share calculation, potential dilutive securities are excluded from the calculation if their effect would be anti-dilutive. As such, basic and diluted net loss per share are the same for periods with a net loss.

The following tables illustrate the determination of basic and diluted net (loss) income per share for each period presented three months ended June 30, 2021 and 2020 (in thousands, except per share data):

	For the Three Months Ended June 30,
		2021			2020
Net (loss) income	$	(26,525	)	$	44,588

Weighted average shares – basic		45,311			45,010

Net (loss) income per share – basic	$	(0.59	)	$	0.99

	For the Three Months Ended June 30,
		2021			2020
Net (loss) income	$	(26,525	)		44,588

Weighted average shares – basic		45,311			45,010
Effect of dilutive securities		—			539
Weighted average shares – diluted		45,311			45,549

Net (loss) income per share – diluted	$	(0.59	)	$	0.98

Share-based compensation awards of approximately 1.1 million and 0.2 million shares were outstanding for the three months ended June 30, 2021 and 2020, respectively, but were not included in the computation of diluted net (loss) income per share because the effect of including such shares would have been anti-dilutive or such shares are contingently issuable upon meeting performance criteria in the periods presented.