Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023 and 2022.


(in thousands, except share data)	Three Months Ended March 31,
	2023		2022
Net (loss) income attributable to TOI	$	(29,998)	$	19,286
Less: Deemed dividend	—		—
Net (loss) income attributable to TOI available for distribution	(29,998)		19,286
Net (loss) income attributable to participating securities, basic	(5,504)		3,519
Net (loss) income attributable to common stockholders, basic	$	(24,494)	$	15,767
Weighted average common shares outstanding, basic	73,449,132		73,252,365
Net (loss) income per share attributable to common stockholders, basic	$	(0.33)	$	0.22

The following table sets forth the computation of the Company's diluted net loss per share to common stockholders for the three months ended March 31, 2023 and 2022.


(in thousands, except share data)	Three Months Ended March 31,
	2023		2022
Net (loss) income attributable to TOI	$	(29,998)	$	19,286
Less: Deemed dividend	—		—

Net (loss) income attributable to TOI available for distribution	(29,998)		19,286
Net (loss) income attributable to participating securities, diluted	(5,504)		3,405
Net (loss) income attributable to common stockholders, diluted	$	(24,494)	$	15,881
Weighted average common shares outstanding, basic	73,449,132		73,252,365
Dilutive effect of stock options	—		2,995,601

Weighted average shares outstanding, diluted	73,449,132		76,247,966
Net (loss) income per share attributable to common stockholders, diluted	$	(0.33)	$	0.21

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:


	Three Months Ended March 31,
	2023	2022
Stock options	9,832,667	4,609,124
RSUs	3,581,977	1,991,728
Medical RSUs	447,012	—
Earnout Shares	1,401,064	1,560,857
Public Warrants	5,749,986	5,749,986
Private Warrants	3,177,542	3,177,542