Loss Per Share

9 Months Ended

Sep. 30, 2023

12. Loss Per Share

Basic net loss per share is computed by dividing the net loss by the number of weighted-average outstanding common shares. Diluted net loss per is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result, and is calculated using the treasury stock method. The Company considers its warrants, Investment Option, restricted stock units and stock options as potential common equivalents, but excluded them from the computation of diluted earnings per share attributable to common stockholders in the periods presented, as their effect was antidilutive during the three and nine months ended September 30, 2023 and 2022.

The rights, including the liquidation and dividend rights, of the holders of Series A and Series B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each series of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Series A and Series B common stock on both individual and combined basis.

The following table presents the calculation of basic and diluted net loss per share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss per share, basic and diluted:
Numerator:
Net loss	$	(297,104)	$	(23,873)	$	(281,938)	$	(48,438)
Denominator:
Weighted-average shares - basic and diluted	240,125,168		231,973,229		237,411,574		228,271,900
Net loss per share attributable - basic and diluted	$	(1.24)	$	(0.10)	$	(1.19)	$	(0.21)

Because the Company incurred a net loss position for all periods presented, basic net loss per share is equivalent to diluted net loss per share as the inclusion of all potentially dilutive securities outstanding would have been antidilutive.

The following table summarizes the potential common shares excluded from the computation of diluted net income (loss) per share (in thousands):


	As of September 30,
	2023	2022
Warrants outstanding	5,510,113	11,807,381
Investment Option	15,743,174	15,743,174
RSUs outstanding	13,361,728	10,785,143
Options outstanding	31,844,660	34,528,902
Restricted stock outstanding	—	35,727
Total	66,459,675	72,900,327