Earnings Per Common Share ("EPS")

6 Months Ended

Jun. 30, 2023

13. Earnings per Common Share (“EPS”)

Basic EPS excludes dilution for potentially dilutive securities and is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution under the treasury method that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For periods where the Company has presented a net loss, potentially dilutive securities are excluded from the computation of diluted EPS as they would be antidilutive.

The following tables summarize the components of the basic and diluted EPS computations (in thousands, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
EPS — basic and diluted:
Net loss (numerator)	$	(5,265	)	$	(29,023	)	$	(15,060	)	$	(55,021	)
Weighted average common shares (denominator)		265,626			253,644			264,802			252,775
Net loss per share	$	(0.02	)	$	(0.11	)	$	(0.06	)	$	(0.22	)

Common shares issuable represents incremental shares of common stock which consist of RSUs, options, warrants, and shares that could be issued upon conversion of the Senior convertible notes and the Mann Group convertible notes.

Potentially dilutive securities outstanding that are considered antidilutive are summarized as follows (in shares):


	Six Months Ended June 30,
	2023		2022
Senior convertible notes		44,120,463		44,120,463
RSUs and Market RSUs(1)		16,951,734		15,848,183
Common stock options and PNQs		8,688,625		9,766,028
Mann Group convertible notes		3,370,000		3,370,000
Employee stock purchase plan		—		235,794
Total shares		73,130,822		73,340,468

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(1)

Market RSUs issued in 2021, 2022, and 2023 are included at the share delivery of 0%, 162%, and 100%, respectively, in accordance with a valuation assessment obtained as of June 30, 2023.