Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2022

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.

The following table sets forth the computation of basic and diluted loss per share for the three months ended March 31, 2022 and 2021 (in thousands, except for share and per share amounts):


	Three Months Ended March 31,
	2022		2021
Numerator:
Net loss	$	(88,333)	$	(75,923)


Denominator:
Weighted average common shares outstanding- Basic	348,683,836		332,987,523

Weighted average common shares outstanding- Diluted	348,683,836		332,987,523
Net loss per shares attributable to common shareholders- Basic and Diluted	$	(0.25)	$	(0.23)

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:



															March 31, 2022
Warrants															5,776,772
Stock options															10,187,197
Restricted stock awards and restricted stock units															15,077,199
Liability classified RSUs															2,628,407
Vendor stock-in-lieu of cash program															833,173
Convertible Senior Notes															31,279,716



Earn-out shares															8,606,717
Total															74,389,181

The Company uses the if converted method for calculating the dilutive effect of the Convertible Senior Notes. These notes will have a dilutive impact when the average market price of the Company’s common stock for a given period exceeds the initial conversion price of $19.981 per share. These Convertible Senior Notes were not convertible as of March 31, 2022 because the closing price of Class A common stock as of March 31, 2022 was less than the initial conversion price.