Net Loss per Share Attributable to Common Stock

6 Months Ended

Jun. 30, 2022

Net Loss per Share Attributable to Common Stock

Net loss per share attributable to common stock is computed by dividing the net loss attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net loss per share whenever doing so would be dilutive.

We calculate basic and diluted net loss per share attributable to common stock in conformity with the two-class method required for companies with participating securities. We consider our convertible preferred stock to be participating securities. Under the two-class method, net loss attributable to common stock is not allocated to the preferred stock as its holders do not have a contractual obligation to share in losses, as discussed in Note 12.

The calculation of basic and diluted net loss per share attributable to common stock was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net loss	$	(78,146)	$	(27,878)	$	(168,952)	$	(63,662)
Dividends on convertible preferred stock	(350)		(1,878)		(1,144)		(4,214)

Net loss attributable to common stock—basic and diluted	$	(78,496)	$	(29,756)	$	(170,096)	$	(67,876)
Denominator:
Weighted-average shares—basic and diluted(1)	107,396,575		104,391,337		107,032,381		103,912,212



Net loss per share attributable to common stock—basic and diluted	$	(0.73)	$	(0.29)	$	(1.59)	$	(0.65)

(1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.

The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share for the periods presented because their effect would have been anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
2023 notes as if converted	769,623	777,021	769,623	777,021
2025 notes as if converted	9,119,960	9,119,960	9,119,960	9,119,960
2027 notes as if converted	6,147,900	6,147,900	6,147,900	6,147,900
Convertible preferred stock as if converted	2,040,000	2,040,000	2,040,000	2,040,000
Stock options outstanding	3,513,601	4,639,132	3,513,601	4,639,132
Restricted stock units outstanding(1)(2)	10,119,140	3,671,589	10,119,140	3,671,589

Total	31,710,224	26,395,602	31,710,224	26,395,602

(1) Excludes 616,731 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 12 for additional information regarding PSUs.

(2) Excludes 33,144 restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors as of June 30, 2022.