Earnings Per Common Share ("EPS")

12 Months Ended

Dec. 31, 2020

11. Earnings per Common Share (“EPS”)

Basic EPS excludes dilution for potentially dilutive securities and is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution under the treasury method that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For periods where the Company has presented a net loss, potentially dilutive securities are excluded from the computation of diluted EPS as they would be antidilutive.

The following tables summarize the components of the basic and diluted EPS computations (in thousands, except per share amounts):

	Year Ended December 31,
	2020			2019
EPS — basic and diluted:
Net loss (numerator)	$	(57,240	)	$	(51,903	)
Weighted average common shares (denominator)		222,585			195,584
Net loss per share	$	(0.26	)	$	(0.27	)

Common shares issuable represents incremental shares of common stock which consist of stock options, restricted stock units, warrants, and shares that could be issued upon conversion of the senior convertible notes and the Mann Group promissory notes.

Potentially dilutive securities outstanding that are considered antidilutive are summarized as follows (in shares):

	Year Ended December 31,
	2020		2019
Exercise of common stock options		12,264,616		14,135,681
Conversion of convertible promissory note into common stock		11,200,000		14,000,000
Exercise of warrants associated with public offering		—		7,250,000
Exercise of warrants associated with Midcap Credit Facility		1,283,467		1,171,614
Conversion of convertible notes into common stock		1,666,667		1,666,667
Vesting of restricted stock units		6,037,542		1,057,047
Employee stock purchase plan		292,981		369,979
Exercise of common stock warrants		—		31,851
Total		32,745,273		39,682,839