Quarterly report pursuant to Section 13 or 15(d)

Basic and Diluted Net Income (Loss) per Share

v3.22.2
Basic and Diluted Net Income (Loss) per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Basic and Diluted Net Income (Loss) per Share Basic and Diluted Net Income (Loss) per Share
Basic net income (loss) per share is computed based on the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share is computed based on the weighted average number of shares of common stock outstanding, increased by the number of additional shares that would have been outstanding had the potentially dilutive shares of common stock been issued. The Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities.
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share attributable to common stockholders:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(In thousands, except share and per share data)
Numerator:
Net income (loss) $ 127,950  $ (12,538) $ 62,608  $ (26,086)
Denominator:
Basic weighted average shares outstanding 184,282,194  16,150,202  183,892,304  16,085,750 
Effect of dilutive securities:
    Common stock options 18,043,859  —  19,130,274  — 
    Restricted stock units —  —  3,890  — 
Diluted weighted average shares outstanding 202,326,053  16,150,202  203,026,468  16,085,750 
Net income (loss) per share
     Basic $ 0.69  $ (0.78) $ 0.34  $ (1.62)
     Diluted $ 0.63  $ (0.78) $ 0.31  $ (1.62)
The following potentially dilutive shares of common stock equivalents “on an as-converted basis” were excluded from the computation of diluted net income (loss) per share attributable to common stockholders as including them would have had an antidilutive effect:
Three Months Ended June 30, Six months ended June 30,
2022 2021 2022 2021
Redeemable convertible preferred stock —  147,876,672  —  147,876,672 
Convertible promissory note —  6,756,757  —  6,756,757 
Redeemable convertible preferred stock warrants —  408,729  —  408,729 
Common stock warrants 13,075,000  293,856  13,075,000  293,856 
Restricted stock units 5,355,860  —  5,351,970  — 
Common stock options 1,493,147  26,997,994  406,732  26,997,994 
Total potentially dilutive common share equivalents 19,924,007  182,334,008  18,833,702  182,334,008 
Total potentially dilutive common share equivalents for the three and six months ended June 30, 2022, excludes 21,758,148 shares related to the earnout liability as these shares are contingently issuable upon meeting certain triggering events.