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Net Loss Per Common Share
 6 Months Ended
Jun. 30, 2024
Net Loss Per Common Share [Abstract]  
Net Loss Per Common Share

17. Net Loss Per Common Share

 

Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of Class A common stock outstanding during each period. Diluted net income (loss) per share reflects the weighted-average number of common shares outstanding during the period used in the basic net income (loss) computation plus the effect of common stock equivalents that are dilutive.

 

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and net loss per share for the periods presented (in thousands, except per share amounts):

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2024   2023   2024   2023 
Numerator:                
Net income (loss) attributable to Purple Innovation, Inc. – basic  $27  $(40,487)  $(50,277)  $(66,420)
Less – net loss attributed to noncontrolling interest   (36)   
—
    
—
    
—
 
Net income (loss) attributable to Purple Innovation, Inc. – diluted  $(9)  $(40,487)  $(50,277)  $(66,420)
Denominator:                    
Weighted average shares—basic   107,489    105,079    106,755    101,760 
Add – dilutive effect of Class B shares   205    
—
    
—
    
—
 
Add – dilutive effect of equity securities   85    
—
    
—
    
—
 
Weighted average shares—diluted   107,779    105,079    106,755    101,760 
Net loss per common share:                    
Basic  $0.00  $(0.39)  $(0.47)  $(0.65)
Diluted  $(0.00)  $(0.39)  $(0.47)  $(0.65)

 

The Company excludes certain shares issuable from equity awards, warrants and exchange of Class B common stock from the diluted net loss per common share computation when their exercise or performance vesting price is greater than the average market price of the Company’s common stock or they are otherwise anti-dilutive. For the three months ended June 30, 2024, the Company excluded 22.7 million shares of Class A common stock issuable upon conversion of certain warrants, stock options and restricted stock. For the six months ended June 30, 2024, the Company excluded 25.0 million shares of Class A common stock issuable upon conversion of certain warrants, stock options restricted stock and exchange of Class B common stock. For the three and six months ended June 30, 2023, the Company excluded 3.0 million and 3.4 million, respectively, of Class A common stock issuable upon conversion of certain warrants, stock options restricted stock and exchange of Class B common stock.