Earnings (Loss) Per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020: (in thousands, except for share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(51,340)	$	(31,211)	$	(164,093)	$	(72,227)
Deemed dividend attributable to BCF accretion	—		(6,247)		—		(6,247)
Net loss attributable to common shareholders	$	(51,340)	$	(37,458)	$	(164,093)	$	(78,474)
Denominator:
Weighted average common shares outstanding- Basic	352,122,485		130,601,660		341,858,435		129,643,774

Weighted average common shares outstanding- Diluted	352,122,485		130,601,660		341,858,435		129,643,774
Net loss per shares attributable to common shareholders- Basic and Diluted	$	(0.15)	$	(0.29)	$	(0.48)	$	(0.61)

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:



															September 30, 2021
Warrants															7,166,301
Stock options															12,700,104
Restricted stock awards and restricted stock units															10,966,176



Earn-out shares															8,606,717
Total															39,439,298