Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2022

Net Income (Loss) per Share

Net Income (Loss) per Share

5. Net Income (Loss) per Share

Basic net income (loss) 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 (loss) per share is computed using the weighted average number of common shares outstanding during the period and, when dilutive, potential common share equivalents.

Potentially dilutive common shares consist of shares issuable from restricted stock units, stock options, 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. The if-converted method assumes conversion of convertible securities at the beginning of the reporting period. Interest expense, dividends, and the changes in fair value measurement recognized during the period are added back to the numerator. The denominator includes the common shares issuable upon conversion of convertible securities.

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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Net income (loss)	(60,391)	42,914	130,558	(386,907)
Impact of conversion of dilutive securities	—	1,385	(188,563)	—
Dilutive Net income (loss)	(60,391)	44,299	(58,005)	(386,907)
Net income (loss) per share
Basic	(0.13)	0.10	0.28	(0.93)
Diluted	(0.13)	0.08	(0.10)	(0.93)
Basic weighted average shares outstanding	472,475,747	445,378,308	464,244,736	414,128,283
Dilutive potential common stock outstanding
Stock-based awards	—	15,520,414	6,499,671	—
2023 Notes	—	4,617,646	4,617,646	—
2025 Notes	—	39,689,142	39,211,358	—
PHC Notes	—	65,348,857	67,625,174	—
Energy Capital Option	—	—	23,335,635	—
Warrants	—	11,206,148	2,811,493	—
Diluted weighted average shares outstanding	472,475,747	581,760,516	608,345,713	414,128,283

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Stock-based awards	24,940,972	1,949,958	10,426,560	28,502,846
2023 Notes	4,617,646	—	—	4,617,646
2025 Notes	39,211,358	—	—	39,689,142
PHC Notes	68,322,952	—	—	65,757,177
PHC Option	31,512,605	—	22,717,076	—
Energy Capital Option	30,372,058	—		—
Warrants	3,177,821	116,581	427,821	13,177,822
Total anti-dilutive shares outstanding	202,155,412	2,066,539	33,571,457	151,744,633