Earnings (Loss) Per Share

12 Months Ended

Dec. 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. 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 for the years ended December 31, 2022, 2021, and 2020 as follows: (in thousands, except for share and per share amounts):


	December 31,
	2022		2021		2020
Numerator:
Net loss	$	(445,939)	$	(237,986)	$	(362,298)
Deemed dividend attributable to BCF accretion	—		—		(6,757)
Net loss attributable to common shareholders	$	(445,939)	$	(237,986)	$	(369,055)
Denominator:
Weighted average Common shares outstanding- Basic	356,265,774		346,300,975		145,096,996

Weighted average Common shares outstanding- Diluted	356,265,774		346,300,975		145,096,996
Net loss per shares attributable to Common shareholders- Basic and Diluted	$	(1.25)	$	(0.69)	$	(2.54)

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:


	December 31,
	2022	2021	2020
Warrants	5,757,549	7,166,301	24,089,255
Stock-based awards—Equity classified	33,372,534	24,156,973	18,003,962
Stock-based awards—Liability classified	14,302,723	2,401,648	—
Vendor stock-in-lieu of cash program	3,162,879	1,659,510	—
Convertible Senior Notes	31,279,716	31,279,716	—
Earn-out shares	8,606,717	8,606,717	25,818,744
Total	96,482,118	75,270,865	67,911,961

The Company uses the if converted method for calculating the dilutive effect of the Convertible Senior Notes using the initial conversion price of $19.981 per share. The closing price of Class A common stock as of December 31, 2022 was less than the initial conversion price.