Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

NOTE 15 – EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional Class A common shares that could have been outstanding assuming the exercise of stock options and warrants, conversion of Series A and Series B preferred stock, conversion of Class B common stock, vesting of restricted shares of Class A common stock, conversion of Convertible Senior Notes and issuance of Class A common stock associated with the deferred stock units and certain performance awards.

Basic and diluted net income (loss) per share excludes the income (loss) attributable to and shares associated with the 76,653 shares of Class A common stock that are subject to cancellation on November 9, 2024 if certain market conditions have not been met. The Company has included in the calculation accrued dividends on Series A and Series B preferred stock and related deemed and imputed dividends.

The following table sets forth the calculation of basic and diluted earnings (loss) per share for the periods indicated based on the weighted average number of shares of Class A common stock outstanding:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Basic net income (loss) per share
Numerator:
Net loss attributable to U.S. Well Services, Inc.	$	(9,335	)	$	(17,716	)	$	(35,080	)	$	(38,282	)
Net loss attributable to cancellable Class A common stock		56			316			235			721
Basic net loss attributable to U.S. Well Services, Inc. shareholders		(9,279	)		(17,400	)		(34,845	)		(37,561	)
Dividends accrued on Series A preferred stock		(1,135	)		(1,998	)		(2,226	)		(3,811	)
Dividends accrued on Series B preferred stock		-			(811	)		-			(1,522	)
Deemed and imputed dividends on Series A preferred stock		-			(286	)		-			(750	)
Deemed and imputed dividends on Series B preferred stock		-			(1,501	)		-			(5,669	)
Exchange of Series A preferred stock for Convertible Senior Notes		-			8,936			-			8,936
Basic net loss attributable to U.S. Well Services, Inc. Class A common shareholders	$	(10,414	)	$	(13,060	)	$	(37,071	)	$	(40,377	)

Denominator:
Weighted average shares outstanding		12,796,193			4,295,379			11,423,931			4,067,616
Cancellable Class A common stock		(76,653	)		(76,653	)		(76,653	)		(76,653	)
Basic and diluted weighted average shares outstanding		12,719,540			4,218,726			11,347,278			3,990,963

Basic and diluted net loss per share attributable to Class A common shareholders	$	(0.82	)	$	(3.10	)	$	(3.27	)	$	(10.12	)

A summary of securities excluded from the computation of diluted earnings per share is presented below for the applicable periods:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Dilutive earnings per share:
Anti-dilutive restricted stock		31,113		51,393		31,113		51,393
Anti-dilutive restricted stock units		190,419		-		190,419		-
Anti-dilutive stock options		-		41,776		-		41,776
Anti-dilutive deferred stock units		389,012		424,375		389,012		424,375
Anti-dilutive shares from Pool B Awards		598,613		482,130		598,613		482,130
Anti-dilutive warrants		5,802,664		729,384		5,802,664		729,384
Anti-dilutive Series A preferred stock convertible into Class A common stock		210,605		180,109		210,605		180,109
Anti-dilutive Series B preferred stock convertible into Class A common stock		-		3,786,314		-		3,786,314
Anti-dilutive Convertible Senior Notes convertible into Class A common stock		5,059,728		3,848,685		5,059,728		3,848,685
Potentially dilutive securities excluded as anti-dilutive		12,282,154		9,544,166		12,282,154		9,544,166