EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

12. EARNINGS PER SHARE

The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by assuming the exercise, settlement, and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method.

The following table sets forth a reconciliation of the numerator and denominator used to compute basic earnings and diluted per share of common stock.


	Three Months Ended June 30:					Six Months Ended June 30:
$ in thousands, except per share amounts	2022			2021		2022			2021
Numerator
Net (loss) income	$	(107,882	)	$	3,518	$	(108,310	)	$	4,797
Less: Net income attributable to the member units before the reorganization		-			-		-			(648	)
Net (loss) income attributable to Greenidge	$	(107,882	)	$	3,518	$	(108,310	)	$	4,149
Denominator
Basic weighted average shares outstanding		41,555			28,320		41,308			28,283
Dilutive effect of equity awards		-			625		-			482
Dilutive effect of convertible preferred stock		-			6,480		-			6,480
Diluted weighted average shares outstanding		41,555			35,425		41,308			35,245
(Loss) earnings per share
Basic	$	(2.61	)	$	0.12	$	(2.62	)	$	0.15
Diluted	$	(2.61	)	$	0.10	$	(2.62	)	$	0.12

For the three and six months ended June 30, 2021, basic earnings per share is applicable only for the period from January 29, 2021 through June 30, 2021, which is the period following the reorganization of Greenidge Generation Holdings LLC (" GGH") into Greenidge and presents the period that the Company had outstanding common stock. Prior to the reorganization, there were no shares of common stock outstanding, and the limited liability structure of GGH consisted of member units. The Company analyzed the calculation of earnings per unit for periods prior to the reorganization and determined that it resulted in values that would not be meaningful to the users of these condensed consolidated financial statements.

For the three and six months ended June 30, 2022, there was no impact of dilution from any of the outstanding 482,153 RSUs or 576,563 common stock options due to the net loss, since inclusion of any impact from these awards would be antidilutive. For the three and six months ended June 30, 2021, there were no shares excluded from the calculation of diluted earnings per share.