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NET LOSS PER SHARE | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
NET LOSS PER SHARE | NET LOSS PER SHARE The Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of participating securities do not have a contractual obligation to fund losses, undistributed net losses are not allocated to nonvested restricted stock for purposes of the loss per share calculation. As result of the reverse recapitalization, the Company has retroactively adjusted the weighted average shares outstanding prior to the Business Combination to give effect to the Exchange Ratio used to determine the number of shares of common stock into which they were converted. Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share (“EPS”) calculations for the years ended December 31, 2022, 2021 and 2020 (in thousands, except per share data):
| Years ended December 31,
| 2022 |  | 2021 |  | 2020
Numerator: |  |  |  |  |
Net loss attributable to PureCycle | $ | (84,746) |  |  | $ | (77,502) |  |  | $ | (52,992) |
Less cumulative earnings to preferred stockholder | — |  |  | — |  |  | 3,307 |
Net loss attributable to common stockholders | $ | (84,746) |  |  | $ | (77,502) |  |  | $ | (56,299) |
Denominator: |  |  |  |  |
Weighted average common shares outstanding, basic and diluted | 155,957 |  |  | 102,913 |  |  | 28,732 |
Net loss per share attributable to common stockholder, basic and diluted | $ | (0.54) |  |  | $ | (0.75) |  |  | $ | (1.96) |
The weighted-average outstanding common share equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive. As of December 31, 2022 and 2021, the Company had outstanding instruments of approximately 24.7 million and 6.9 million vested but not exercised warrants, 0.6 million and 0 vested but not exercised stock options, 2.6 million and 2.3 million non-vested restricted stock units, 1.1 million and 0.4 million non-vested performance stock units, and 4.0 million and 4.0 million contingently-issuable shares related to the Earnout which could be dilutive to the calculation in the future, respectively.

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