Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Basic and Diluted Net Income (Loss) Per Share to Common Stockholders

The following table sets forth the computation of the Company's basic net income (loss) per share to common stockholders for the years ended December 31, 2022 and 2021.


(in thousands, except share data)	Year Ended December 31,
	2022		2021
Net income (loss) attributable to TOI	$	152	$	(10,927)
Less: Deemed dividend	64		—
Net income (loss) attributable to TOI available for distribution	88		(10,927)
Net income (loss) attributable to participating securities, basic	20		(299)
Net income (loss) attributable to common stockholders, basic	$	68	$	(10,628)
Weighted average common shares outstanding, basic	72,793,497		66,230,606
Net income (loss) per share attributable to common stockholders, basic	$	—	$	(0.16)

The following table sets forth the computation of the Company's diluted net loss per share to common stockholders for the years ended December 31, 2022 and 2021.


(in thousands, except share data)	Year Ended December 31,
	2022		2021
Net income (loss) attributable to TOI	$	152	$	(10,927)
Less: Deemed dividend	64		—
Less: Change in fair value of convertible option derivative liabilities(1)	20,656		—
Net loss attributable to TOI available for distribution	(20,568)		(10,927)
Net loss attributable to participating securities, diluted	(3,588)		(299)
Net loss attributable to common stockholders, diluted	$	(16,980)	$	(10,628)
Weighted average common shares outstanding, basic	72,793,497		66,230,606
Dilutive effect of stock options	2,572,570		—
Dilutive effect of RSUs	77,717		—
Dilutive effect of Medical RSUs	61,007		—
Dilutive effect of convertible note	5,100,809		—
Weighted average shares outstanding, diluted	80,605,600		66,230,606
Net loss per share attributable to common stockholders, diluted	$	(0.21)	$	(0.16)

(1) Inclusive of interest expense and amortization of debt issuance cost and debt discount related to the Senior Secured Convertible Note.

Schedule of Computation of Diluted Net Loss Per Share

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Year Ended December 31,
	2022	2021
Stock options	4,461,592	6,921,180
RSUs	1,677,516	1,291,492
Medical RSUs	301,396	—
Earnout Shares	1,417,632	1,602,435
Public Warrants	5,749,986	5,749,986
Private Warrants	3,177,542	3,177,542