The Company computed basic net income (loss) per share based on the weighted average number of shares of common stock outstanding during the period. The Company computed diluted net income (loss) per share based on the weighted average number of shares of common stock outstanding plus potentially dilutive common stock equivalents outstanding during the period. For the purposes of this calculation, stock options, restricted stock units, performance stock units, and stock sold through the ESPP are considered common stock equivalents.

A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net income (loss) per share is as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	45,270	$	(60,200)	$	84,493	$	(49,198)



Denominator:
Weighted average shares used to compute net income (loss) attributable to common stockholders:
Basic	38,834,917		38,793,341		38,699,307		38,755,337
Potential dilutive stock-based options and awards	411,036		—		514,720		—

Diluted	39,245,953		38,793,341		39,214,027		38,755,337
Net income (loss) per share:
Basic	$	1.17	$	(1.55)	$	2.18	$	(1.27)
Diluted	$	1.15	$	(1.55)	$	2.15	$	(1.27)

For the three months ended June 30, 2025 and 2024, outstanding stock-based awards of an immaterial amount and 1,131 thousand shares, respectively, were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive in the relevant period. For the six months ended June 30, 2025 and 2024, outstanding stock-based awards of an immaterial amount and 1,215 thousand shares, respectively, were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive in the relevant period.