| Net Profit (Loss) Per Share |
Note 16. Net (Loss) Profit Per Share
The Company computes basic net (loss) profit per share using net (loss) profit attributable to the Company’s common stockholders and the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(in thousands, except per share amounts) |
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2023 |
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2022 |
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2023 |
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2022 |
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Numerator: |
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Net (loss) profit |
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$ |
(18,988 |
) |
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$ |
4,075 |
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$ |
(38,007 |
) |
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$ |
8,314 |
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Net (loss) profit attributable to common stockholders - Basic & Diluted |
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(18,988 |
) |
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4,075 |
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(38,007 |
) |
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8,314 |
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Denominator: |
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Weighted average shares outstanding - Basic |
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196,372,157 |
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188,102,342 |
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195,873,471 |
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187,247,566 |
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Add: Weighted average unvested options outstanding |
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— |
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636,975 |
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— |
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581,279 |
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Add: Dilutive effect of restricted units issued |
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— |
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137,446 |
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— |
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500,486 |
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Weighted average shares outstanding - Diluted |
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196,372,157 |
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188,876,763 |
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195,873,471 |
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188,329,331 |
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Net (loss) profit per common share: |
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Basic |
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$ |
(0.10 |
) |
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$ |
0.02 |
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$ |
(0.19 |
) |
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$ |
0.04 |
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Diluted |
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(0.10 |
) |
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0.02 |
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(0.19 |
) |
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0.04 |
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For the three and six months ended June 30, 2023, the Company was in a net loss position, thus the effect of potentially dilutive securities, including non-vested stock options and warrants, was excluded from the denominator for the calculation of diluted net loss per share because the inclusion of such securities would be antidilutive. The following dilutive securities are excluded from the denominator:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Unvested RSUs |
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10,222,990 |
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5,585,756 |
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10,308,106 |
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5,096,729 |
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Unvested or unexercised option awards |
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11,180,550 |
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5,155,894 |
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11,213,680 |
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2,577,947 |
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Warrants |
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8,524,984 |
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8,524,984 |
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8,524,984 |
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8,524,984 |
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Contingently issuable earnout shares |
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14,666,667 |
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14,666,667 |
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14,666,667 |
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14,666,667 |
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Total |
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44,595,191 |
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33,933,301 |
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44,713,437 |
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30,866,327 |
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