4. NON-CONTROLLING INTEREST AND LOSS PER SHARE

Historical loss per share information is not applicable for reporting periods prior to the consummation of the IPO. Net loss attributable to common shareholders is the net loss recorded by the Company based on its interest in Focus LLC during the respective period after the IPO.

The calculation of controlling and non-controlling interest is as follows as of March 31, 2019:


Focus LLC common units held by continuing owners	22,568,831
Common unit equivalents of outstanding vested and unvested incentive units held by continuing owners(1)	7,614,402
Total common units and common unit equivalents attributable to non-controlling interest	30,183,233
Total common units and common unit equivalents of incentive units outstanding	76,858,416
Non-controlling interest allocation	39.3	%
Company’s interest in Focus LLC	60.7	%

(1)

Focus LLC common units issuable upon conversion of 18,048,706 (see Note 9) vested and unvested Focus LLC incentive units was calculated using the common unit equivalent of vested and unvested Focus LLC incentive units based on the closing price of the Company’s Class A common stock on the last trading day of the period.

The below table contains a reconciliation of net loss to net loss attributable to common shareholders:


	Three months
	ended
	March 31, 2019
Net loss	$	(2,828)
Non-controlling interest		(114)
Net loss attributable to common shareholders	$	(2,942)

The calculation of basic and diluted loss per share is described below:

Basic loss per share is calculated utilizing net loss attributable to common shareholders for the three months ended March 31, 2019 divided by the weighted average number of shares of Class A common stock outstanding during the same period:


	Three months
	ended March 31,
	2019
Basic loss per share:
Net loss attributable to common shareholders	$	(2,942)
Weighted average shares of Class A common stock outstanding		46,211,599
Basic loss per share	$	(0.06)

Diluted loss per share is calculated utilizing net loss attributable to common shareholders for the three months ended March 31, 2019 divided by the weighted average number of shares of Class A common stock outstanding during the same period plus the effect, if any, of the potentially dilutive shares of the Company’s Class A common stock from stock options and unvested Class A common stock as calculated using the treasury stock method:


	Three months
	ended March 31,
	2019
Diluted loss per share:
Net loss attributable to common shareholders	$	(2,942)
Weighted average shares of Class A common stock outstanding		46,211,599
Effect of dilutive stock options		—
Effect of dilutive unvested Class A common stock		—
Total		46,211,599
Diluted loss per share	$	(0.06)

Diluted loss per share excludes incremental shares of 7,855 related to unvested Class A common stock since the effect would be antidilutive. Diluted loss per share also excludes shares related to 155,000 market-based stock options that vest on the fifth anniversary of the pricing of the IPO if the volume weighted average per share price for any ninety-calendar day period within such five-year period immediately following the pricing of the IPO reaches at least $100. Such market-based criteria were not met at March 31, 2019.