The Company’s basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding for the period. For purposes of the calculation of diluted net income (loss) per share, options to purchase common stock, restricted stock units and unvested shares of common stock issued upon the early exercise of stock options are considered common stock equivalents. Dilutive shares of common stock are determined by applying the treasury stock method. The dilutive shares are excluded from the calculation of diluted net loss per share in the period of net loss, as their effect is antidilutive.

The following table presents the calculation of basic and diluted net income (loss) per share (in thousands, except per share data):

	Three Months Ended
	March 31, 2021		March 31, 2020
Numerator:
Net income (loss)	$	76,296	$	(54,612	)
Denominator:
Weighted-average common shares outstanding — basic		129,674		120,180
Net income (loss) per share — basic	$	0.59	$	(0.45	)

Weighted-average common shares outstanding — basic		129,674		120,180
Common stock equivalents		10,654		—
Weighted-average common shares outstanding — diluted		140,328		120,180
Net income (loss) per share — diluted	$	0.54	$	(0.45	)

Common shares excluded from the calculation of diluted net income or excluded from the calculation of diluted net loss per share because of their anti-dilutive effect are as follows (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Restricted stock units and stock options		74		15,227
Unvested shares of common stock issued upon early exercise of stock options		—		19
Total		74		15,246