XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.2
Earnings Per Common Share ("EPS")
6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share ("EPS")

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

EPS — basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (numerator)

 

$

(29,023

)

 

$

(35,523

)

 

$

(55,021

)

 

$

(48,439

)

Weighted average common shares (denominator)

 

 

253,644

 

 

 

249,295

 

 

 

252,775

 

 

 

247,970

 

Net loss per share

 

$

(0.11

)

 

$

(0.14

)

 

$

(0.22

)

 

$

(0.20

)

 

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):

 

 

 

Six Months Ended

June 30,

 

 

 

2022

 

 

2021

 

Senior convertible notes

 

 

44,120,463

 

 

 

44,120,463

 

Mann Group convertible notes

 

 

3,370,000

 

 

 

7,370,000

 

Common stock options and PNQs

 

 

9,766,028

 

 

 

11,092,080

 

RSUs and Market RSUs (1)

 

 

15,848,183

 

 

 

7,986,898

 

Employee stock purchase plan

 

 

235,794

 

 

 

250,000

 

Warrants associated with MidCap credit facility

 

 

 

 

 

1,283,467

 

Total shares

 

 

73,340,468

 

 

 

72,102,908

 

__________________________

(1)

Market RSUs issued in 2020, 2021 and 2022 are included at the maximum share delivery of 300%, 0% and 200%, respectively, in accordance with a valuation assessment obtained as of June 30, 2022.