Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2021

The Company applies the two-class method for computing and presenting net income (loss) per share for each class of common stock. The two-class method allocates current period net income (loss) to each class of common stock and participating securities based on (i) dividends declared and (ii) participation rights in the remaining undistributed earnings (losses).

Basic net income (loss) per share is computed by dividing the net income (loss) allocated to each class of common stock using the two-class method by the related weighted-average number of shares outstanding during the period. Additionally, basic weighted-average shares outstanding for the year ended December 31, 2021 includes approximately 5 million shares of Common Stock to be issued during 2022 in connection with the Sunpro Solar Acquisition.

Diluted net loss per share gives effect to all securities representing potential common shares that were dilutive and outstanding during the period for each class of common stock. Potential shares of Common Stock include (i) incremental shares of Common Stock calculated using the treasury stock method for share-based compensation awards, (ii) incremental shares of Common Stock issuable upon the conversion of Class B Common Stock, and (iii) incremental shares of Common Stock calculated using the treasury stock method for warrants to purchase additional shares of Common Stock that were issued in connection with a business combination. Potential shares of Class B Common Stock include (i) incremental shares of Class B Common Stock calculated using the treasury stock method for the period in which the Securities Purchase Agreement was outstanding prior to closing and (ii) incremental shares of Class B Common Stock calculated using the treasury stock method for Google’s option to purchase additional shares of Class B Common Stock prior to closing.

For purposes of the diluted net income (loss) per share of Common Stock computation, all potential shares of Common Stock that would be dilutive were excluded because their effect would be anti-dilutive. As a result, basic net income (loss) per share of Common Stock is equal to diluted net income (loss) per share of Common Stock for the periods presented. Accordingly, the potential shares of Common Stock that were excluded from the computation of diluted income (loss) per share of Common Stock were (i) share-based compensation awards of approximately 61 million, 66 million, and 50 million during 2021, 2020, and 2019, respectively; (ii) shares of Class B Common Stock of 55 million during 2020; and (iii) warrants to purchase additional shares of Common Stock of approximately 0.2 million during 2021.

The computations of basic and diluted net income (loss) per share for each class of common stock for the periods presented are as follows:


	Years Ended December 31,
	2021				2020				2019
(in thousands, except per share amounts)	Common Stock		Class B Common Stock		Common Stock		Class B Common Stock		Common Stock		Class B Common Stock
Allocation of net income (loss) - basic	$	(318,062)	$	(22,758)	$	(620,856)	$	(11,337)	$	(424,150)	$	—
Dilutive effect of potential shares of Class B common stock	—		—		—		(1,952)		—		—
Allocation of net income (loss) - diluted	$	(318,062)	$	(22,758)	$	(620,856)	$	(13,289)	$	(424,150)	$	—

Weighted-average shares outstanding - basic	770,620		54,745		760,483		15,855		747,238		—
Dilutive potential shares of Class B common stock	—		—		—		2,089		—		—
Weighted-average shares outstanding - diluted	770,620		54,745		760,483		17,944		747,238		—

Net income (loss) per share - basic	$	(0.41)	$	(0.41)	$	(0.82)	$	(0.72)	$	(0.57)	$	—
Net income (loss) per share - diluted	$	(0.41)	$	(0.41)	$	(0.82)	$	(0.74)	$	(0.57)	$	—