Earnings Per Common Share ("EPS")

3 Months Ended

Mar. 31, 2022

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):

	Three Months Ended March 31,
	2022			2021
EPS — basic and diluted:
Net loss (numerator)	$	(25,998	)	$	(12,916	)
Weighted average common shares (denominator)		251,887			246,631
Net loss per share	$	(0.10	)	$	(0.05	)

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):

	Three Months Ended March 31,
	2022		2021
Senior convertible notes		44,120,463		44,120,463
Mann Group convertible notes		7,370,000		7,370,000
Common stock options and PNQs		10,335,424		11,321,734
RSUs and Market RSUs ⁽¹⁾		11,472,698		6,282,279
Employee stock purchase plan		85,633		94,157
Warrants associated with MidCap credit facility		—		1,283,467
Total shares		73,384,218		70,472,100

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(1)	Market RSUs issued in 2020 are included at the maximum share delivery of 300% and the Market RSUs issued in 2021 are included at 0% in accordance with a valuation assessment obtained as of March 31, 2022.