(14) Net Income (Loss) per Share
The following table summarizes the computation of basic and diluted net income (loss) per share of our common stock for the years ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Year Ended December 31, |
| | | | | | 2025 | | 2024 | | 2023 |
| Numerator: | | | | | | | | | | |
| Net income (loss) attributable to common stockholders, basic and diluted | | | | | | $ | 23,381 | | | $ | 25,526 | | | $ | (152,815) | |
| | | | | | | | | | |
| Denominator: | | | | | | | | | | |
| Weighted-average common shares outstanding, basic | | | | | | 64,727,551 | | 62,607,583 | | 60,756,087 |
| Weighted-average effect of dilutive shares: | | | | | | | | | | |
| Dilutive effect of equity incentive plans | | | | | | 274,404 | | | 576,068 | | | — | |
| | | | | | | | | | |
| Weighted-average common shares outstanding, diluted | | | | | | 65,001,955 | | | 63,183,651 | | | 60,756,087 | |
| | | | | | | | | | |
| Net income (loss) per share attributable to common stockholders, basic | | | | | | $ | 0.36 | | | $ | 0.41 | | | $ | (2.52) | |
| Net income (loss) per share attributable to common stockholders, diluted | | | | | | $ | 0.36 | | | $ | 0.40 | | | $ | (2.52) | |
We intend to settle any conversion of our 2027 Notes and 2029 Notes in cash, shares, or a combination thereof. The dilutive impact of the Notes for our calculation of diluted net income per share is considered using the if-converted method. For the years ended December 31, 2025, 2024 and 2023, the shares underlying the Notes were not considered in the calculation of diluted net income per share as the effect would have been anti-dilutive.
In connection with the issuance of the 2025 Notes, the 2027 Notes and the 2029 Notes, we entered into the 2025 Capped Calls, 2027 Capped Calls and 2029 Capped Calls, which were not included for the purpose of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive.
As of December 31, 2025, the 2027 Notes and the 2029 Notes were not convertible at the option of the holder. As of December 31, 2024, the 2025 Notes were convertible at the option of the holder, however, the 2027 Notes and the 2029 Notes were not convertible at the option of the holder. We had not received any conversion notices through the issuance date of our consolidated financial statements. For disclosure purposes, we have calculated the potentially dilutive effect of the conversion spread, which is included in the table below. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been anti-dilutive:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Year Ended December 31, |
| | | | | | 2025 | | 2024 | | 2023 |
| Options to purchase common stock | | | | | | — | | | — | | | 716,270 | |
| Unvested restricted stock units | | | | | | — | | | — | | | 2,983,020 | |
| Common shares issued in conjunction with acquisitions | | | | | | — | | | 227,316 | | | 115,051 | |
| Shares to be issued under ESPP | | | | | | 173,166 | | | 91,634 | | | 103,778 | |
| Convertible senior notes | | | | | | 10,679,754 | | | 11,183,611 | | | 11,183,611 | |
| Total | | | | | | 10,852,920 | | | 11,502,561 | | | 15,101,730 | |