EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2023


16. EARNINGS (LOSS) PER SHARE

The reconciliations of the net income (loss) and the weighted average number of shares used in the computations of basic and diluted earnings (loss) per share attributable to Jushi shareholders are as follows:


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net income (loss) and comprehensive income (loss) attributable to Jushi shareholders	$	(65,102)	$	(202,324)	$	20,251
Dilutive effect of net income from derivative warrants	—		(91,887)		(104,594)
Net income (loss) and comprehensive loss attributable to Jushi shareholders - diluted	$	(65,102)	$	(294,211)	$	(84,343)

Denominator:
Weighted-average shares of common stock - basic	194,770,212		190,021,550		170,292,035
Dilutive effect of derivative warrants	—		14,213,882		31,318,216
Weighted-average shares of common stock - diluted	194,770,212		204,235,432		201,610,251

Earnings (loss) per share - basic	$	(0.33)	$	(1.06)	$	0.12
Earnings (loss) per share - diluted	$	(0.33)	$	(1.44)	$	(0.42)

In August 2021, all the 149,000 previously issued and outstanding Super Voting Shares and all the 4,000,000 previously outstanding Multiple Voting Shares were converted into SVS in accordance with their terms as described in Jushi Holdings Inc.’s Articles of Incorporation. Refer to Note 14 - Equity. The number of basic and diluted weighted-average shares outstanding for 2021 assumes the conversion of the Multi Voting Share and Super Voting Shares into SVS as of the beginning of the year. Other than voting rights, the Multi Voting Shares and Super Voting Shares had the same rights as the SVS and therefore all these shares are treated as the same class of common stock for purposes of the earnings (loss) per share calculations.

The following table summarizes equity instruments that may, in the future, have a dilutive effect on earnings (loss) per share, but were excluded from consideration in the computation of diluted net earnings (loss) per share for the years ended December 31, 2023, 2022 and 2021 because the impact of including them would have been anti-dilutive:


	As of December 31,
	2023	2022	2021
Stock options	28,783,139	30,752,259	20,429,120
Warrants (derivative liabilities and equity)	85,575,031	30,673,635	29,156,048
Unvested restricted stock awards	368,711	1,156,319	2,859,151
Convertible promissory notes	—	—	910,000
	114,726,881	62,582,213	53,354,319