EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

The Company calculates basic earnings (loss) 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 (loss) 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. Potentially dilutive common shares are excluded from the computations of diluted earnings (loss) per share if their effect would be anti-dilutive. For the year ended December 31, 2022, the Company had a net loss from continuing operations attributable to common shareholders which causes all potentially dilutive securities to be anti-dilutive and are therefore not included in the calculation of earnings per share.

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


	For the Year Ended December 31,
($ in thousands, except per share amounts)	2022		2021
Numerator
Net (loss) income from continuing operations	$	(269,741)	$	21,600
Less: Net income attributable to the member units before the reorganization	—		(648)
Net (loss) income from continuing operations attributable to Greenidge	(269,741)		20,952
Loss from discontinued operations, net of tax	(1,327)		(66,080)
Net loss	$	(271,068)	$	(45,128)

Denominator
Basic weighted average shares outstanding	42,373		31,995
Dilutive effect of equity awards	—		592
Dilutive effect of convertible preferred stock	—		4,048
Diluted weighted average shares outstanding	42,373		36,635

(Loss) earnings per basic share:
(Loss) earnings per basic share from continuing operations	$	(6.37)	$	0.65
Loss per basic share from discontinued operations	(0.03)		(2.06)
Loss per basic share	$	(6.40)	$	(1.41)

(Loss) earnings per diluted share:
(Loss) earnings per diluted share from continuing operations	$	(6.37)	$	0.57
Loss per diluted share from discontinued operations	(0.03)		(1.80)
Loss per diluted share	$	(6.40)	$	(1.23)

For the year ended December 31, 2022, there was no impact of dilution from any of the outstanding 247,286 RSUs or 3,641,850 common stock options due to the net loss, since inclusion of any impact from these awards would be anti-dilutive.

For the year ended December 31, 2021, loss per share is applicable only for the period from January 29, 2021 through December 31, 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 consolidated financial statements.