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Net Loss Per Common Share
 9 Months Ended
Sep. 30, 2024
Net Loss Per Common Share [Abstract]  
Net Loss Per Common Share

18. 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
September 30,		     Nine Months Ended
September 30,		  
    2024     2023     2024     2023  
Numerator:                        
Net loss attributable to Purple Innovation, Inc. – basic   $ (39,228 )   $ (36,004 )   $ (89,418 )   $ (102,424 )
Less – net loss attributed to noncontrolling interest     —         —         —         —    
Net loss attributable to Purple Innovation, Inc. – diluted   $ (39,228 )   $ (36,004 )   $ (89,418 )   $ (102,424 )
Denominator:                                
Weighted average shares—basic     107,508       105,326       107,008       102,962  
Add – dilutive effect of Class B shares     —         —         —         —    
Weighted average shares—diluted     107,508       105,326       107,008       102,962  
Net loss per common share:                                
Basic   $ (0.36 )   $ (0.34 )   $ (0.84 )   $ (0.99 )
Diluted   $ (0.36 )   $ (0.34 )   $ (0.84 )   $ (0.99 )

 

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 September 30, 2024, the Company excluded 23.0 million shares of Class A common stock issuable upon conversion of certain warrants, stock options and restricted stock. For the nine months ended September 30, 2024, the Company excluded 23.2 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 nine months ended September 30, 2023, the Company excluded 2.8 million and 4.4 million, respectively, of Class A common stock issuable for stock options, restricted stock and exchange of Class B common stock.