The following table presents computations of basic and diluted loss per share for Holdings:


	Three Months Ended
	March 31,
	2023			2022
Numerator:
Net loss attributable to Cinemark Holdings, Inc.	$	(3.1	)	$	(74.0	)
Loss allocated to participating share-based awards (1)		—			1.2
Net loss attributable to common stockholders	$	(3.1	)	$	(72.8	)

Denominator:
Basic weighted average shares outstanding		118.8			117.9
Common equivalent shares for restricted stock units (2)		—			—
Common equivalent shares for convertible notes and warrants (3)		—			—
Diluted weighted average shares outstanding		118.8			117.9

Basic loss per share attributable to common stockholders	$	(0.03	)	$	(0.62	)
Diluted loss per share attributable to common stockholders	$	(0.03	)	$	(0.62	)

(1)

For the three months ended March 31, 2023 and 2022, a weighted average of approximately 1.8 shares and 1.9 shares of restricted stock, respectively, were considered participating securities.

(2)

For the three months ended March 31, 2023 and 2022, approximately 0 and 0.1 common equivalent shares for restricted stock units, respectively, were excluded because they were anti-dilutive.

(3)

For the three months ended March 31, 2023 and 2022, diluted loss per share excludes the conversion of the 4.50% Convertible Senior Notes into 32.0 shares of common stock, as well as outstanding warrants, as they would be anti-dilutive. See further discussion below.

Holdings considers its unvested share-based awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of loss per share pursuant to the two-class method. Basic loss per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net loss by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted loss per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method.

The 4.50% Convertible Senior Notes, discussed further in Note 14 of the Company’s Annual Report on Form 10-K filed February 24, 2023, may be considered dilutive in future periods in which Holdings has net income. The impact of such dilution on earnings per share will be calculated under the if-converted method, which requires that all of the shares of Holdings' common stock issuable upon conversion of the 4.50% Convertible Senior Notes be included in the calculation of diluted earnings per share assuming conversion at the beginning of the reporting period.

The closing price of Holdings' common stock did not exceed the strike price of $18.66 per share (130% of the initial exercise price of $14.35 per share) during at least 20 of the last 30 trading days of the quarter ended March 31, 2023 and, therefore, the 4.50% Convertible Senior Notes will not be convertible during the second quarter of 2023. The if-converted value of the 4.50% Convertible Senior Notes, based on the weighted average closing price of Holdings common stock for the first quarter of 2023, was $77.8 less than the aggregate outstanding principal value of the notes as of March 31, 2023.

Holdings entered into hedge transactions with counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The convertible note hedge transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the 4.50% Convertible Senior Notes, the number of shares of Holdings' common stock underlying the 4.50% Convertible Notes, which initially gives Holdings the option to purchase approximately 32.0 shares of its common stock at a price of approximately $14.35 per share. Concurrently with entering into the convertible note hedge transactions, Holdings also entered into warrant transactions with each option counterparty whereby Holdings sold to such option counterparty warrants to purchase, subject to customary anti-dilution adjustments, up to the same number of shares of Holdings' common stock, which initially gives the option counterparties the option to purchase approximately 32.0 shares at a price of approximately $22.08 per share. The economic effect of these transactions is to

effectively raise the strike price of the 4.50% Convertible Senior Notes from approximately $18.66 per share of Holdings' common stock to approximately $22.08 per share.