Net (Loss) Income per Share Attributable to Common Stock

9 Months Ended

Sep. 30, 2022

Net (Loss) Income Per Share Attributable to Common Stock

14. Net (Loss) Income per Share Attributable to Common Stock

Basic net (loss) income per share attributable to common stockholders is computed by deducting the undeclared dividends on the Series A preferred stock from net (loss) income to arrive at net (loss) income attributable to common stock and dividing the net (loss) income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted net (loss) income per share attributable to common stock is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. The dilutive effect of outstanding options, RSUs and warrants is reflected in diluted net (loss) income per share attributable to common stock by application of the treasury stock method. The calculation of diluted net (loss) income per share attributable to common stock excludes all anti-dilutive common shares.

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

The following table sets forth the computation of basic and diluted net (loss) income per share attributable to common stock (in thousands except share and per share data):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Numerator:
Net (loss) income	$	(737	)	$	422	$	(1,470	)	$	4,635
Undeclared dividends on Series A preferred stock		—			--		—			(2,258	)
Net (loss) income attributable to common stock	$	(737	)	$	422	$	(1,470	)	$	2,377
Denominator:
Weighted-average shares of common stock - basic		122,740,982			118,206,073		121,765,509			110,272,583
Dilutive effect of stock options to purchase common stock		—			6,076,424		—			6,077,748
Dilutive effect of RSUs		—			11,180		—			4,398
Dilutive effect of warrants		—			134,100		—			64,945
Weighted-average shares of common stock - diluted		122,740,982			124,427,777		121,765,509			116,419,674
Net (loss) income per share attributable to common stock
Basic	$	(0.01	)	$	—	$	(0.01	)	$	0.02
Diluted	$	(0.01	)	$	—	$	(0.01	)	$	0.02

The following table summarizes the securities that were excluded from the computation of diluted net income per share attributable to common stock as their inclusion would have been antidilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Stock options to purchase common stock		4,705,323		—		5,693,398		—
RSUs		1,396,810		—		860,848		—
Warrants		428,803		—		418,630		—