| Summary of Earnings Per Share, Basic and Diluted |
As a result of the Merger, the Company has retroactively adjusted the weighted-average number of shares of common stock outstanding prior to the Merger closing date by multiplying them by the Exchange Ratio used to determine the number of shares of common stock into which they converted.
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Three Months Ended September 30, |
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|
Nine Months Ended September 30, |
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(in thousands, except per share amounts) |
|
2022 |
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2021 |
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2022 |
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|
2021 |
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Numerator: |
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Net (loss) profit |
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$ |
(22,970 |
) |
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$ |
21,703 |
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|
$ |
(14,656 |
) |
|
$ |
594 |
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Net (loss) profit attributable to common stockholders - Basic & Diluted |
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|
(22,970 |
) |
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|
21,703 |
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|
(14,656 |
) |
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|
594 |
|
Denominator: |
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Weighted average shares outstanding - Basic |
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189,766,945 |
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162,942,990 |
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188,225,543 |
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81,373,265 |
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Add: Weighted average unvested options outstanding |
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— |
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|
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4,148,330 |
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— |
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|
|
4,033,901 |
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Add: Dilutive effect of restricted units issued |
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— |
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— |
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— |
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— |
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Weighted average shares outstanding - Diluted |
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189,766,945 |
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167,091,320 |
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188,225,543 |
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|
|
85,407,166 |
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Net (loss) profit per common share: |
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Basic |
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$ |
(0.12 |
) |
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$ |
0.13 |
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$ |
(0.08 |
) |
|
$ |
0.01 |
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Diluted |
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(0.12 |
) |
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|
0.13 |
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|
|
(0.08 |
) |
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|
0.01 |
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| Summary of Dilutive Securities are Excluded from the Denominator |
The following dilutive securities are excluded from the denominator:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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|
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2022 |
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|
2021 |
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|
2022 |
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|
2021 |
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Unvested RSUs |
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12,313,957 |
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|
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3,844,737 |
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|
|
12,313,957 |
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|
|
3,844,737 |
|
Unvested option awards |
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|
12,386,057 |
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|
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— |
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12,386,057 |
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— |
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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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47,891,665 |
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27,036,388 |
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47,891,665 |
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27,036,388 |
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