Net Loss per Share

12 Months Ended

Dec. 31, 2020

Net Loss per Share

Net Loss per Share

12.         Net Loss per Share

The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, Class A1 and Class B1 common shares are identical, except with respect to voting, transferability and conversion (see Note 8). As the liquidation and dividend rights are identical, losses are allocated on a proportionate basis and the resulting net loss per share attributed to common shareholders will, therefore, be the same for both Class A and Class B common shares on an individual or combined basis.

Basic and diluted net loss per share attributable to common shareholders was calculated as follows:

	Years Ended
	December 31,
		2020	2019		2018
Numerator:
Net loss attributable to common shareholders	$	(161,381)	$	(161,867)	$	(103,227)
Denominator:
Weighted average common shares outstanding—basic and diluted		61,842,722		54,049,477		29,547,427
Net loss per share attributable to common shareholders— basic and diluted	$	(2.61)	$	(2.99)	$	(3.49)

The Company’s unvested restricted shares and restricted share units have been excluded from the computation of basic net loss per share attributable to common shareholders.

The Company’s potentially dilutive securities, which include share options, unvested restricted shares and unvested RSUs, have been excluded from the computation of diluted net loss per share attributable to common shareholders as the effect would be to reduce the net loss per share attributable to common shareholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:

	As of December 31,
	2020	2019	2018
Share options to purchase common shares	9,958,858	8,491,734	5,960,939
Unvested restricted common shares	—	—	877,219
Unvested RSUs	205,312	328,296	—
	10,164,170	8,820,030	6,838,158