Earnings Per Common Share ("EPS")

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
EPS — basic and diluted:
Net loss (numerator)	$	(4,426	)	$	(11,255	)	$	(52,865	)	$	(30,829	)
Weighted average common shares (denominator)		249,910			229,668			248,624			218,559
Net loss per share	$	(0.02	)	$	(0.05	)	$	(0.21	)	$	(0.14	)

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):

	Nine Months Ended September 30,
	2021		2020
Senior convertible notes		44,120,463		—
Mann Group convertible notes		7,370,000		14,000,000
Warrants associated with MidCap credit facility		1,283,467		1,171,614
Common stock options and PNQs		10,910,655		12,689,522
RSUs and Market RSUs ⁽¹⁾		7,564,632		8,897,020
Employee stock purchase plan		84,544		107,003
2024 convertible notes		—		1,666,667
Common stock warrants		—		31,856
Total shares		71,333,761		38,563,682

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(1)	Market RSUs are included at the maximum share delivery percentage.