Earnings Per Common Share ("EPS")

12 Months Ended

Dec. 31, 2021

11. 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):

	Year Ended December 31,
	2021			2020
EPS — basic and diluted:
Net loss (numerator)	$	(80,926	)	$	(57,240	)
Weighted average common shares (denominator)		249,244			222,585
Net loss per share	$	(0.32	)	$	(0.26	)

Common shares issuable represents incremental shares of common stock which consist of stock options, restricted stock units, 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):

	Year Ended December 31,
	2021		2020
Senior convertible notes		44,120,463		—
Common stock options and PNQs		10,655,146		12,264,616
Mann Group convertible notes		7,370,000		11,200,000
Warrants associated with MidCap credit facility		—		1,283,467
2024 convertible notes		—		1,666,667
RSUs and Market RSUs⁽¹⁾		7,609,025		6,037,542
Employee stock purchase plan		243,375		292,981
Total shares		69,998,009		32,745,273

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(1)	Market RSUs are included at the maximum share delivery percentage.