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Net Loss Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Net Loss Per Share
13.
Net Income (Loss) Per Share

We compute net income (loss) per share of common stock using the two-class method required for participating securities. We consider Series B Preferred Stocks and warrants to be participating securities because holders of such shares have dividend rights in the event of our declaration of a dividend for common shares. Undistributed earnings allocated to participating securities are subtracted from net income (loss) in determining net income (loss) attributable to common stockholders.

Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of our common stock outstanding.

For the calculation of diluted net income (loss) per share, net income (loss) attributable to common stockholders for basic net income (loss) per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans and change in fair value of warrant liability. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the resulting net income (loss) attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding.

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Numerator

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

76,713

 

 

$

(75,240

)

 

$

(152,600

)

Less: undistributed earnings allocated to participating securities

 

 

(4,569

)

 

 

-

 

 

 

-

 

Less: preferred stock deemed dividend

 

 

-

 

 

 

-

 

 

 

(3,267

)

Net income (loss) allocable to common stockholders, basic

 

 

72,144

 

 

 

(75,240

)

 

 

(155,867

)

Add: undistributed earnings allocated to Series B and warrants

 

 

4,569

 

 

 

-

 

 

 

-

 

Less: undistributed earnings allocated to Series B and warrants

 

 

(4,190

)

 

 

-

 

 

 

-

 

Add: interest expense on convertible notes

 

 

3,168

 

 

 

-

 

 

 

-

 

Less: removal of change in fair value of warrant liability

 

 

-

 

 

 

(4,124

)

 

 

-

 

Net income (loss) allocable to common stockholders, diluted

 

$

75,691

 

 

$

(79,364

)

 

$

(155,867

)

Denominator

 

 

 

 

 

 

 

 

 

Weighted average shares used to compute net income (loss) allocable to
common stockholders per share, basic

 

 

116,264

 

 

 

100,753

 

 

 

72,024

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

Stock-based compensation plans

 

 

3,075

 

 

 

-

 

 

 

-

 

Convertible Notes (as converted to common stock)

 

 

13,667

 

 

 

-

 

 

 

-

 

Effect of dilutive warrants

 

 

-

 

 

 

751

 

 

 

-

 

Weighted average shares used to compute net income (loss) allocable to
common stockholders per share, diluted

 

 

133,006

 

 

 

101,504

 

 

 

72,024

 

 

The following were excluded from the calculation of diluted net income (loss) per share as the effect of their inclusion would have been anti-dilutive:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Outstanding securities not included in diluted net income (loss) allocable to
common stockholders per share calculation (in thousands):

 

 

 

 

 

 

 

 

 

Stock options and stock awards

 

 

5,953

 

 

 

10,299

 

 

 

9,789

 

Series B Convertible Preferred Stock (as converted to common stock)

 

 

-

 

 

 

4,140

 

 

 

4,840

 

Warrants (as exercisable into common stock)

 

 

1,883

 

 

 

-

 

 

 

5,841

 

Convertible Notes (as converted to common stock)

 

 

-

 

 

 

-

 

 

 

-