Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2022

Net Income (Loss) per Share

Net Income (Loss) per Share

5. Net Income (Loss) per Share

Basic net income per share attributable to common stockholders is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period and, when dilutive, potential common share equivalents. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period.

Potentially dilutive common shares consist of shares issuable from restricted stock units, warrants and the Company’s convertible notes. Potentially dilutive common shares issuable upon vesting of restricted stock units and exercise of stock options and warrants are determined using the average share price for each period under the treasury stock method. Potentially dilutive common shares issuable upon conversion of the Company’s convertible notes are determined using the if converted method. In periods of net loss, all potentially dilutive common shares are excluded from the computation of the diluted net loss per share for those periods, as the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted net income per share for the periods shown:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Net income (loss)	104,231	(180,306)	190,949	(429,820)
Impact of conversion of dilutive securities	(124,010)	—	(228,614)	—
Dilutive Net income (loss)	(19,779)	(180,306)	(37,665)	(429,820)
Net income (loss) per share
Basic	0.22	(0.42)	0.42	(1.08)
Diluted	(0.03)	(0.42)	(0.06)	(1.08)
Basic weighted average shares outstanding	464,133,903	431,840,854	460,061,022	398,244,296
Dilutive potential common stock outstanding
Stock-based awards	4,649,548	—	7,003,387	—
2023 Notes	4,617,646	—	4,617,646	—
2025 Notes	39,689,142	—	39,689,142	—
PHC Notes	65,718,303	—	65,816,535	—
PHC Option	—	—	—	—
Energy Capital Option	21,164,986	—	23,690,945	—
Warrants	1,357,430	—	3,463,862	—
Diluted weighted average shares outstanding	601,330,959	431,840,854	604,342,540	398,244,296

For the three and six months ended June 30, 2021, the Company operated at a loss. Accordingly, all potentially dilutive shares were considered antidilutive, and basic and diluted EPS are the same.

Outstanding anti-dilutive securities not included in the diluted net income per share attributable to common stockholders calculations were as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Stock-based awards	13,900,070	28,974,297	11,142,459	28,974,297
2023 Notes	—	5,092,801	—	5,092,801
2025 Notes	—	39,689,142	—	39,689,142
PHC Notes	—	65,757,177	—	65,757,177
PHC Option	20,003,765	—	23,161,214	—
Warrants	427,821	13,334,739	260,251	13,334,739
Total anti-dilutive shares outstanding	34,331,656	152,848,156	34,563,924	152,848,156