NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2021

Note B - Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except for per share data):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021		2020
Amounts used for basic and diluted per share calculations:
Net income (loss) attributable to Agenus Inc. common stockholders	$	178,499	$	(51,205	)	$	41,427	$	(143,464	)

Weighted average number of Agenus Inc. common shares outstanding - basic		235,407		182,667			219,677		165,682

Effect of potentially dilutive securities:
Share based compensation awards		7,972		—			4,428		—
Convertible preferred stock		3,050		—			8,407		—
Warrants		297		—			—		—
Weighted average number of Agenus Inc. common shares outstanding - diluted		246,726		182,667			232,512		165,682

Net income (loss) attributable to Agenus Inc. per common share:
Basic	$	0.76	$	(0.28	)	$	0.19	$	(0.87	)
Diluted	$	0.72	$	(0.28	)	$	0.18	$	(0.87	)

Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our Amended and Restated Directors’ Deferred Compensation Plan, or “DDCP”). Diluted income (loss) per common share is calculated by dividing income (loss) attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our DDCP) plus the dilutive effect of outstanding instruments such as warrants, stock options, non-vested shares and convertible preferred stock. Because we reported a net loss attributable to common stockholders for the periods ending September 30, 2020, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. The following securities (listed on an as-if-converted-to-Common-Stock basis) have been excluded from the computation of diluted weighted average shares outstanding as of September 30, 2021 and 2020, as they would be anti-dilutive (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Warrants		—		1,950		1,980		1,950
Stock options		6,661		24,813		20,852		24,813
Non-vested shares		53		844		176		844
Series A-1 convertible preferred stock		—		333		333		333
Series C-1 convertible preferred stock		—		12,459		—		12,459