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. The Company uses the two-class method to calculate net income (loss) per share. Except with respect to certain voting, conversion and transfer rights and as otherwise expressly provided in the Company’s amended and restated certificate of incorporation or required by applicable law, shares of the Company’s Class A common stock and Class B common stock have the same rights and privileges and rank equally, share ratably and are identical in all respects as to all matters. Accordingly, basic and diluted net income (loss) per share are the same for both classes. 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					Six Months Ended
	June 30, 2021		June 30, 2020			June 30, 2021		June 30, 2020
Numerator:
Net income (loss)	$	73,467	$	(43,148	)	$	149,763	$	(97,760	)
Denominator:
Weighted-average common shares outstanding — basic		132,705		122,614			131,198		121,397
Net income (loss) per share — basic	$	0.55	$	(0.35	)	$	1.14	$	(0.81	)

Weighted-average common shares outstanding — basic		132,705		122,614			131,198		121,397
Common stock equivalents		9,417		—			10,036		—
Weighted-average common shares outstanding — diluted		142,122		122,614			141,234		121,397
Net income (loss) per share — diluted	$	0.52	$	(0.35	)	$	1.06	$	(0.81	)

Common stock equivalents excluded from the calculation of diluted net income per share 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				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Restricted stock units and stock options		125		14,365		125		14,365
Unvested shares of common stock issued upon early exercise of stock options		—		9		—		9
Total		125		14,374		125		14,374