Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

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 for the years ended December 31, 2023, 2022, and 2021 as follows: (in thousands, except for share and per share amounts):


	December 31,
	2023		2022		2021
Numerator:
Net loss	$	(571,269)	$	(445,939)	$	(237,986)
Denominator:
Weighted average Common shares outstanding—Basic	389,373,659		356,265,774		346,300,975

Weighted average Common shares outstanding—Diluted	389,373,659		356,265,774		346,300,975
Net loss —Basic and Diluted	$	(1.47)	$	(1.25)	$	(0.69)

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

or related contingencies on issuance of shares had not been met as of the periods presented:


	December 31,
	2023	2022	2021
Warrants	5,757,549	5,757,549	7,166,301
Stock-based awards—Equity classified	37,627,541	33,372,534	24,156,973
Stock-based awards—Liability classified	18,562,440	14,302,723	2,401,648
Vendor stock-in-lieu of cash program	257,171	3,162,879	1,659,510
Convertible Senior Notes	31,279,716	31,279,716	31,279,716
Earn-out shares	8,606,717	8,606,717	8,606,717
Total	102,091,134	96,482,118	75,270,865

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, 2023, 2022 and 2021 was less than the initial conversion price.