Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

Net Income (Loss) Per Share
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per ShareBasic earnings per share, or EPS, is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period and the weighted-average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, common stock options, restricted stock units and restricted stock awards are considered to be common stock equivalents and are only included in the calculation of diluted EPS when their effect is dilutive. In periods in which the Company has a net loss, dilutive common stock equivalents are excluded from the calculation of diluted EPS.
The table below presents the computation of basic and diluted EPS:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(in thousands, except per share amounts)
Net income (loss) $ 9,258  $ (36,645) $ 13,793  $ (73,921)
Weighted average common shares outstanding—basic 76,582  73,402  75,795  72,729 
Dilutive common stock equivalents 3,233  —  3,253  — 
Weighted average common shares outstanding—diluted 79,815  73,402  79,048  72,729 
Net income (loss) per share:
Basic $ 0.12  $ (0.50) $ 0.18  $ (1.02)
Diluted $ 0.12  $ (0.50) $ 0.17  $ (1.02)
For the three and nine months ended September 30, 2021 and 2020, the Company excluded common stock equivalents for outstanding stock-based awards, which represented potentially dilutive securities of 0.08 million and 0.07 million for the 2021 periods, respectively, and 3.5 million and 3.1 million for the 2020 periods, respectively, from the calculation of diluted net income (loss) per share due to their anti-dilutive nature.