The Company applies the two-class method to calculate its basic and diluted net income (loss) per share as both classes of its voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis.

The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:


	Years ended
	December 31, 2020		December 31, 2019







Numerator:
Net income (loss)	$	319,509	$	(124,842)



Denominator:
Basic weighted average number of shares outstanding	119,569,705		113,026,424
Effect of dilutive securities(1)	3,893,569		—
Diluted weighted average number of shares	123,463,274		113,026,424

Net income (loss) per share:
Basic	$	2.67	$	(1.10)
Diluted	$	2.59	$	(1.10)

Common stock equivalents excluded from income (loss) per diluted share because they are anti-dilutive	638,848		5,752,833

(1) Included in the effect of dilutive securities is the assumed conversion of employee stock options and employee RSUs. Convertible senior notes have been excluded as they are anti-dilutive.