Basic and Diluted Loss and Earnings Per Share

12 Months Ended

Dec. 31, 2022

Basic and Diluted Loss and Earnings Per Share

Basic and diluted loss and earnings per share was calculated as follows for the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
($ in thousands, except number of shares and per share data)	2022		2021		2020
Numerator for (loss) earnings per share calculation
Net (loss) income	$	(572,912)	$	102,080	$	(520,564)
Denominator for (loss) earnings per share calculation
Weighted average number of shares outstanding – basic	638,925,689		651,006,567		470,785,192
Effect of stock-based compensation	—		519,224		—
Weighted average number of shares outstanding – diluted	638,925,689		651,525,791		470,785,192
(Loss) Income per share – basic and diluted:
Net (loss) income per share – basic	$	(0.90)	$	0.16	$	(1.11)
Net (loss) income per share – diluted	$	(0.90)	$	0.16	$	(1.11)

Earnings per share calculations for all periods prior to the Transactions have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse recapitalization. Subsequent to the Transactions, earnings per share will be calculated based on the weighted average number of shares of common stock then outstanding.

As of the year ended December 31, 2021, we have excluded from the calculation of diluted net income per share the instruments whose effect would have been anti-dilutive, including (i) 58,500,000 warrants outstanding, (ii) 100,000,000 shares which may be issued upon conversion of the Senior Convertible PIK Notes, and (iii) 12,404,080 Unvested Founder Shares. Additionally, we have excluded from the calculation of diluted net income per share awards within the 2020 Omnibus Incentive Plan whose effect would have been anti-dilutive of 4,935,228 for the year ended December 31, 2021.

For the years ended December 31, 2022 and 2020, potentially dilutive securities were excluded from the calculation of diluted net loss per share, as their effect would have been anti-dilutive given the Company's losses incurred. Therefore, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share is the same.