Earnings Per Share

3 Months Ended

Mar. 31, 2022

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Potentially dilutive securities (consisting primarily of the 2025 Notes calculated using the if-converted method and warrants, stock options and RSUs calculated using the treasury stock method) are excluded from the diluted EPS computation in loss periods and when the applicable exercise price is greater than the market price on the period end date as their effect would be anti-dilutive.

The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data):


	Three Months Ended March 31,
	2022		2021
Net loss attributable to common stockholders	$	(25,884)	$	(18,040)
Weighted-average common shares outstanding	105,649,419		101,370,433
Basic and diluted net loss per share	$	(0.24)	$	(0.18)

For the three months ended March 31, 2022, the computation of diluted EPS excluded 27,109,523 shares, primarily related to the 2025 Notes, warrants, stock options, RSUs and employee stock purchase plan for which the effect would have been anti-dilutive.

The following is a summary of outstanding anti-dilutive potential common stock that was excluded from diluted net loss per share attributable to stockholders in the following periods:


	Three Months Ended March 31,
(in thousands)	2022	2021
Convertible Notes	14,341	14,341
Warrants	2,500	2,500
Non-qualified stock options	8,675	7,627
Restricted stock units	1,443	400
Employee stock purchase plan	151	13
Total	27,110	24,881