Net Loss Per Share

3 Months Ended

Mar. 31, 2021

17. Net loss per share

Net loss per share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended March 31,
	2021			2020
	(dollars in thousands)
Net loss	$	(48,417	)	$	(28,162	)
Net loss attributable to common stockholders	$	(48,417	)	$	(28,162	)
Basic and diluted weighted average number of common shares and common share equivalents outstanding (1)		376,170,545			88,330,996
Net loss per share attributable to common stockholders—basic and diluted	$	(0.13	)	$	(0.32	)

(1) Prior period results have been adjusted to reflect the exchange of Legacy Clover's common stock for Clover Class B Common Stock at an exchange ratio of approximately 2.0681 in January 2021 as a result of the Business Combination. See Note 3, "Business combination," for details.

Because the Corporation had a net loss in the three months ended March 31, 2021 and 2020, the Corporation’s potentially dilutive securities, which include stock options, restricted stock, preferred stock and warrants to purchase shares of common stock and preferred stock, have been excluded from the computation of diluted net loss per share, as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Corporation excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti‑dilutive effect:


	Three Months Ended March 31,
	2021		2020
Options to purchase common stock (1)		37,409,124		36,353,061
RSUs		16,748,379		—
Convertible preferred stock (as converted to common stock) (1)		—		139,444,346
Warrants to purchase common stock (as converted to common stock) (1)		38,533,271		4,884,132
Warrants to purchase convertible preferred stock (as converted to common stock) (1)		—		2,618,770
		92,690,774		183,300,309