Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock during the period plus, common stock equivalents, as calculated under the treasury stock method, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The Company computes earnings (loss) per share using the two-class method for its Class A and Class B common stock. Earnings (loss) per share is same for both Class A and Class B common stock since they are entitled to the same liquidation and dividend rights. Earnings (loss) per share calculations for all periods prior to the Business Combination have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse capitalization.

The following table sets forth the computation of basic and diluted loss per share for the three and six months ended June 30, 2021 and 2020: (in thousands, except for share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(36,830)	$	(25,435)	$	(112,753)	$	(41,016)

Net loss attributable to common shareholders	$	(36,830)	$	(25,435)	$	(112,753)	$	(41,016)
Denominator:
Weighted average common shares outstanding- Basic	340,255,023		129,650,239		336,641,349		128,780,581
Dilutive effect of potential common shares	—		—		—		—
Weighted average common shares outstanding- Diluted	340,255,023		129,650,239		336,641,349		128,780,581
Net loss per shares attributable to common shareholders- Basic and Diluted	$	(0.11)	$	(0.20)	$	(0.33)	$	(0.32)

The following table presents the potential shares of Common Stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive:



	June 30, 2021	June 30, 2020
Warrants	7,166,301	6,009,961
Stock options	13,642,433	16,556,734
Restricted stock awards and restricted stock units	6,869,178	2,730,208
Series A Convertible Preferred Stock	—	94,818,151
Founders Preferred Stock	—	26,206,837
Earn-out shares	25,818,744	—
Total	53,496,656	146,321,891