| Net Income (Loss) per Share |
15. Net Income (Loss)
per Share
The following table
presents the computation of basic and diluted net income (loss) per
share for the three months ended September 30, 2013 and 2012
and the nine months ended September 30, 2013 and 2012 and the
unaudited pro forma basic and diluted net loss per share for the
nine months ended September 30, 2013:
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Three months
ended
September
30, |
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Nine months ended
September
30, |
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2013 |
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2012 |
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2013 |
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|
2012 |
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Historical net income (loss) per
share:
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Numerator:
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Net income (loss) attributable to
Intrexon
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$ |
15,440 |
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$ |
(20,490 |
) |
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$ |
(26,776 |
) |
|
$ |
(50,937 |
) |
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Accretion of dividends on redeemable
convertible preferred stock
|
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|
(4,044 |
) |
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|
(5,469 |
) |
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|
(18,391 |
) |
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|
(16,291 |
) |
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Undistributed earnings allocated to
preferred shareholders
|
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|
(3,106 |
) |
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— |
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|
— |
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|
— |
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Net income (loss) attributable to
common shareholders
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$ |
8,290 |
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$ |
(25,959 |
) |
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$ |
(45,167 |
) |
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$ |
(67,228 |
) |
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Denominator:
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Weighted average shares outstanding,
basic
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54,305,354 |
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|
5,576,526 |
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|
22,056,396 |
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|
5,506,043 |
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Weighted average effect of dilutive
stock options and warrants
|
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|
1,845,642 |
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— |
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— |
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— |
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Weighted average shares outstanding,
diluted
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56,150,996 |
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|
5,576,526 |
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|
22,056,396 |
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5,506,043 |
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Net income (loss) attributable to
common shareholders per share, basic
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$ |
0.15 |
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$ |
(4.66 |
) |
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$ |
(2.05 |
) |
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$ |
(12.21 |
) |
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Net income (loss) attributable to
common shareholders per share, diluted
|
|
$ |
0.15 |
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|
$ |
(4.66 |
) |
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$ |
(2.05 |
) |
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$ |
(12.21 |
) |
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Pro forma net loss per share
(unaudited):
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Numerator:
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Net loss attributable to Intrexon
used to compute pro forma net loss per share, basic and
diluted
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$ |
(26,776 |
) |
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Denominator:
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Weighted average shares outstanding
used in computing pro forma net loss per share, basic and
diluted
|
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|
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|
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|
83,738,320 |
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Pro forma net loss attributable to
Intrexon per share, basic and diluted
|
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|
|
|
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|
$ |
(0.32 |
) |
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The following potentially
dilutive securities have been excluded from the computations of
diluted weighted average shares outstanding as of
September 30, 2013 and 2012 for the three months ended
September 30, 2012 and the nine months ended
September 30, 2013 and 2012, as they would have been
anti-dilutive:
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September 30, |
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2013 |
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2012 |
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Common shares issuable upon
conversion of all Series Preferred
|
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|
— |
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61,796,890 |
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Options
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|
2,697,617 |
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2,412,575 |
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Warrants
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414,404 |
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511,098 |
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Total
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3,112,021 |
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64,720,563 |
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In addition to the
potentially dilutive securities in the table above, Series
Preferred cumulative dividends convertible into common shares at a
price per share equal to the fair market value of a common share at
the time of conversion have been excluded from the computation of
diluted weighted-average shares outstanding as of
September 30, 2012.
The Company excluded
60,500 stock options from the computation of diluted weighted
average shares outstanding as of September 30, 2013 for the
three months ended September 30, 2013 as they would have been
anti-dilutive.
|
14. Net Loss per
Share
The following table presents the
historical computation of basic and diluted net loss per share and
the unaudited pro forma basic and diluted net loss per
share:
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Year ended
December 31, |
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|
2012 |
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2011 |
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Historical net loss per
share:
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Numerator:
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Net loss
|
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$ |
(81,874 |
) |
|
$ |
(85,280 |
) |
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Add: Accretion of dividends on
redeemable convertible preferred stock, not declared
|
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|
(21,994 |
) |
|
|
(13,868 |
) |
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Net loss attributable to common
shareholders
|
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|
(103,868 |
) |
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|
(99,148 |
) |
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Denominator:
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Weighted average shares outstanding,
basic and diluted
|
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|
5,533,690 |
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|
5,240,647 |
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Net loss attributable to common
shareholders per share, basic and diluted
|
|
$ |
(18.77 |
) |
|
$ |
(18.92 |
) |
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| Pro
forma net loss per share (unaudited): |
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Numerator:
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Net loss attributable to Intrexon
used to compute pro forma net loss per share, basic and
diluted
|
|
$ |
(81,874 |
) |
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Denominator:
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Weighted average shares outstanding,
basic and diluted
|
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|
5,533,690 |
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|
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Add: Shares issued upon conversion of
all Series Preferred
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61,368,058 |
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Add: Shares issued upon conversion of
cumulative dividends on all Series Preferred
|
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|
3,153,723 |
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Weighted average shares used in
computing pro forma net loss per share, basic and
diluted
|
|
|
70,055,471 |
|
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|
|
|
|
|
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Pro forma net loss attributable to
Intrexon per share, basic and diluted
|
|
$ |
(1.17 |
) |
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The following potentially dilutive
securities have been excluded from the computations of diluted
weighted average shares outstanding as of December 31, 2012
and 2011, as they would have been anti-dilutive:
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|
|
|
| |
|
December 31, |
|
| |
2012 |
|
|
2011 |
|
|
|
|
|
Common shares issuable upon
conversion of all Series Preferred
|
|
|
64,517,977 |
|
|
|
55,483,966 |
|
|
Options
|
|
|
2,313,526 |
|
|
|
3,614,530 |
|
|
Warrants
|
|
|
511,098 |
|
|
|
511,098 |
|
|
|
|
|
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|
Total
|
|
|
67,342,601 |
|
|
|
59,609,594 |
|
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|
In addition to the potentially
dilutive securities in the table above, Series Preferred cumulative
dividends convertible into common shares at a price per share equal
to the fair market value of a common share at the time of
conversion have been excluded from the computation of diluted
weighted-average shares outstanding as of December 31, 2012
and 2011.
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