Earnings Per Common Share ("EPS")

3 Months Ended

Mar. 31, 2021

10. 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):

	Three Months Ended March 31,
	2021			2020
EPS — basic and diluted:
Net loss (numerator)	$	(12,916	)	$	(9,322	)
Weighted average common shares (denominator)		246,631			212,467
Net loss per share	$	(0.05	)	$	(0.04	)

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 convertible notes.

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

	Three Months Ended March 31,
	2021		2020
Common stock options and PNQs		11,321,734		14,014,315
RSUs and Market RSUs ⁽¹⁾		6,282,279		522,021
Employee stock purchase plan		94,157		144,088
Senior convertible notes		44,120,463		—
Mann Group convertible notes		7,370,000		14,000,000
2024 convertible notes		—		1,666,667
Warrants associated with MidCap credit facility		1,283,467		1,171,614
Warrants associated with public offering		—		7,250,000
Common stock warrants		—		31,851
Total shares		70,472,100		38,800,556

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(1)

Market RSUs are included at the maximum share delivery percentage.