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Earnings per Share

6 Months Ended

Jun. 30, 2020

12. Earnings per Share

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period.

Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares, including potential dilutive common shares assuming the dilutive effect of outstanding common stock options, restricted shares, and restricted stock units. For periods in which the Company has reported net loss, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The rights, including the liquidation and dividend rights, of the Class A, Class B, and Class C common stock are substantially the same, other than voting rights. For the three months and six months ended June 30, 2020 and 2019, the Company did not have any outstanding shares of Class C common stock.

On June 13, 2019, the board of directors of the Company approved the Reverse Stock Split of the Company’s Class A Common Stock and Class B Common Stock at a ratio of 1-for-15 shares, which Reverse Stock Split became effective on June 14, 2019. Accordingly, all common share, equity award, and per share amounts have been adjusted to reflect the Reverse Stock Split.


	Three Months Ended June 30,
	2020						2019
	Class A		Class B		Class C		Class A		Class B		Class C

(In thousands, except share and per-share data)
Numerator:
Net income (loss)	$	811	$	303	$	—	$	(3,927)	$	(3,821)	$	—
Undistributed earnings reallocated to convertible preferred stock		—		—		—		—		—		—
Net income (loss) attributable to common stockholders	$	811	$	303	$	—	$	(3,927)	$	(3,821)	$	—
Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders—basic		9,778,697		3,654,175		—		6,607,221		6,427,692		—
Effect of dilutive securities		566,883		—		—		—		—		—
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders—diluted		10,345,580		3,654,175		—		6,607,221		6,427,692		—

Net income (loss) per share attributable to common stockholders—basic ⁽¹⁾	$	0.08	$	0.08	$	—	$	(0.59)	$	(0.59)	$	—
Net income (loss) per share attributable to common stockholders—diluted ⁽¹⁾	$	0.08	$	0.08	$	—	$	(0.59)	$	(0.59)	$	—


	Six Months Ended June 30,
	2020						2019
	Class A		Class B		Class C		Class A		Class B		Class C

(In thousands, except share and per-share data)
Numerator:
Net income (loss)	$	(13,242)	$	(5,789)	$	—	$	(6,159)	$	(6,864)	$	—
Undistributed earnings reallocated to convertible preferred stock		—		—		—		—		—		—
Net income (loss) attributable to common stockholders	$	(13,242)	$	(5,789)	$	—	$	(6,159)	$	(6,864)	$	—
Denominator:
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders—basic		9,302,406		4,066,932		—		6,152,131		6,855,427		—
Effect of dilutive securities		—		—		—		—		—		—
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders—diluted		9,302,406		4,066,932		—		6,152,131		6,855,427		—

Net income (loss) per share attributable to common stockholders—basic ⁽¹⁾	$	(1.42)	$	(1.42)	$	—	$	(1.00)	$	(1.00)	$	—
Net income (loss) per share attributable to common stockholders—diluted ⁽¹⁾	$	(1.42)	$	(1.42)	$	—	$	(1.00)	$	(1.00)	$	—

(1)

Net income (loss) per share attributable to common stockholders — basic and net income (loss) per share attributable to common stockholders — diluted may not recalculate due to rounding.

The following have been excluded from the computation of diluted net income (loss) per share attributable to common stockholders as their effect would have been antidilutive:


	Three Months Ended June 30,
	2020			2019
	Class A	Class B	Class C	Class A	Class B	Class C
Stock options	5,623	156,947	—	65,206	261,890	—
Restricted shares	—	—	—	—	581	—
Restricted stock units	522,650	—	—	1,012,542	—	—
Total anti-dilutive securities	528,273	156,947	—	1,077,748	262,471	—


	Six Months Ended June 30,
	2020			2019
	Class A	Class B	Class C	Class A	Class B	Class C
Stock options	7,890	170,648	—	82,811	304,881	—
Restricted shares	—	—	—	—	707	—
Restricted stock units	1,696,683	—	—	861,214	—	—
Total anti-dilutive securities	1,704,573	170,648	—	944,025	305,588	—