Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Net income (loss) per share calculations for all periods prior to the Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Business Combination to effect the reverse recapitalization. Subsequent to the Business Combination, net income (loss) per share was calculated based on the weighted average number of common stock then outstanding.

The Company computes net income (loss) per share of the Class A common stock and Class B common stock using the two-class method required for participating securities. Basic and diluted income (loss) per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights. The effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the treasury stock method. The following table sets forth the computation of basic and diluted income (loss) per Class A common stock and Class B common stock (in thousands, except for share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss) – basic	$	50,781	$	(42,851)	$	(82,406)	$	(78,530)
Denominator:
Weighted average common shares outstanding – basic	395,053,445		298,713,456		379,450,553		288,958,713
Net income (loss) per share attributable to common stockholders – basic	$	0.13	$	(0.14)	$	(0.22)	$	(0.27)

Numerator:
Net income (loss) – basic	$	50,781	$	(42,851)	$	(82,406)	$	(78,530)
Decrease in fair value of public and private common stock warrant liabilities	(113,601)		—		(81,898)		—
Net loss – diluted	$	(62,820)	$	(42,851)	$	(164,304)	$	(78,530)
Denominator:
Weighted average common shares outstanding – basic	395,053,445		298,713,456		379,450,553		288,958,713
Incremental common shares from assumed exercise of public and private common stock warrants	976,686		—		6,001,253		—
Weighted average common shares outstanding – diluted	396,030,131		298,713,456		385,451,806		288,958,713
Net loss per share attributable to common stockholders – diluted	$	(0.16)	$	(0.14)	$	(0.43)	$	(0.27)

The following outstanding common stock equivalents were considered antidilutive, and therefore, excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented (share numbers are not in thousands):


	Number of Securities Outstanding at September 30,
	2021	2020
Common and preferred stock warrants	—	3,635,181
Common stock options	39,273,376	48,670,292
Performance stock units	16,146,630	—
Restricted stock units	3,651,447	—
Total	59,071,453	52,305,473