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Net Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Net Income (Loss) Per Share For the three months ended September 30, 2024, the net loss attributable to Semrush Holdings, Inc. is divided by the weighted-average number of shares of common stock outstanding during the period to calculate both basic and diluted earnings per share. The dilutive effect of common stock equivalents has been excluded from the calculation of diluted net loss per share for this period as its effect would have been anti-dilutive due to the net loss incurred for the period. For the nine months ended September 30, 2024, diluted net income per share was calculated by dividing net income attributable to Semrush Holdings, Inc. by the weighted-average number of shares of common stock outstanding during the period, including the dilutive impact of stock options and shares of common stock issuable upon the vesting of Restricted Stock Units (“RSUs”). For the three and nine months ended September 30, 2023, the net loss attributable to common stockholders is divided by the weighted-average number of shares of common stock outstanding during the period to calculate both basic and diluted earnings per share. The dilutive effect of common stock equivalents has been excluded from the calculation of diluted net loss per share for these periods as its effect would have been anti-dilutive due to the net losses incurred for the periods. The following table presents a reconciliation of weighted-average shares outstanding used in the calculation of basic and diluted net income (loss) per share:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Weighted-average shares outstanding: |  |  |  |  |  |  |  |
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—basic |  | 146,436,167 |  |  | 142,837,120 |  |  | 145,563,220 |  |  | 142,246,586 |
Dilutive effect of share equivalents resulting from stock options |  | 1,641,946 |  |  | 3,207,854 |  |  | 1,925,296 |  |  | — |
Dilutive effect of share equivalents resulting from restricted stock units |  | 1,348,552 |  |  | 225,654 |  |  | 1,164,507 |  |  | — |
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders—diluted |  | 149,426,665 |  |  | 146,270,628 |  |  | 148,653,023 |  |  | 142,246,586 |
The following potentially dilutive common stock equivalents, including stock options and restricted stock units, have been excluded from the calculation of diluted weighted-average shares outstanding for the three and nine months ended September 30, 2024 and 2023 because to do so would have been anti-dilutive for the periods presented:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock options outstanding | 1,535,122 |  |  | 4,452,615 |  |  | 2,457,405 |  |  | 8,175,646 |
Unvested RSUs and PSUs | 28,094 |  |  | 1,779,298 |  |  | 606,029 |  |  | 2,635,840 |
| 1,563,216 |  |  | 6,231,913 |  |  | 3,063,434 |  |  | 10,811,486 |
For the three and nine months ended September 30, 2024, 1,128,021 and 1,128,021 shares of Class A common stock potentially issuable under Performance Stock Units (“PSUs”) were excluded from the table above, respectively. For the three and nine months ended September 30, 2023, 1,076,538 and 1,077,726 shares of Class A common stock potentially issuable under PSUs were excluded from the table above, respectively. The performance-based conditions had not been met and were deemed improbable of achievement as of the reporting period end date. See Note 14 for additional information regarding the Company’s PSUs.

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