v3.22.2.2
Net Loss Per Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Share Net Loss Per Share
The following table presents the basic and diluted net loss per share:
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(in thousands, except per share data)
Basic and Diluted Loss Per Share:
Net loss$(24,391)$(24,319)$(93,938)$(388)
Weighted-average common shares outstanding133,144 131,501 132,611 124,325 
Weighted-average common shares outstanding used to compute net loss per share133,144 131,501 132,611 124,325 
Basic and diluted loss per share$(0.18)$(0.18)$(0.71)$— 
The following weighted-average shares have been excluded from the calculation of diluted net loss per share attributable to common stockholders for each period presented because they are anti-dilutive:
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(in thousands)(in thousands)
Options to purchase common stock1,280 4,116 1,985 4,712 
Unvested restricted stock units903 4,253 1,600 5,876 
Unvested performance stock units54 195 113 196 
ESPP shares49 11 23 49 
Convertible Senior Notes6,262 6,262 6,262 4,499 
Total shares excluded from net loss per share8,548 14,837 9,983 15,332 

For the three and nine months ended September 30, 2022 and September 30, 2021, the Company excluded outstanding performance stock units (as described in Note 9) from the calculation of diluted net loss per share because they were anti-dilutive. As of September 30, 2022, the performance stock units granted during April 2020, April 2021, August 2021, and February 2022 had expected achievement levels of 53%, 0%, 0%, and 0%, respectively. As of September 30, 2021, the performance stock units granted during April 2020, April 2021, and August 2021 had expected achievement levels of 150%, 0%, and 0% respectively. Refer to Note 9—"Stock-Based Compensation" for additional information related to performance stock units.
For the three and nine months ended September 30, 2022 and September 30, 2021, shares that would be issuable assuming conversion of all of the Convertible Senior Notes (as defined in Note 13) were excluded from the calculation of diluted loss per share because they were anti-dilutive. Diluted earnings per share for the Convertible Senior Notes is calculated under the if-converted method in accordance with ASC 260, Earnings Per Share. The Convertible Senior Notes have an initial conversion rate of 15.6539 shares of common stock per $1,000 principal amount of the Convertible Senior Notes, which will be subject to anti-
dilution adjustments in certain circumstances. As of September 30, 2022 and 2021, the number of shares that would be issuable assuming conversion of all of the Convertible Senior Notes is approximately 6,261,560. Refer to Note 13—"Debt" for additional information related to accounting for Convertible Senior Notes issued and associated Capped Call Transactions