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Earnings Per Common Share ("EPS")
9 Months Ended
Sep. 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

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

EPS — basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (numerator)

 

$

(14,432

)

 

$

(4,426

)

 

$

(69,453

)

 

$

(52,865

)

Weighted average common shares (denominator)

 

 

259,300

 

 

 

249,910

 

 

 

254,974

 

 

 

248,624

 

Net loss per share

 

$

(0.06

)

 

$

(0.02

)

 

$

(0.27

)

 

$

(0.21

)

 

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):

 

 

 

Nine Months Ended

September 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

 

 

9,516,375

 

 

 

10,910,655

 

RSUs and Market RSUs (1)

 

 

14,784,399

 

 

 

7,564,632

 

Employee stock purchase plan

 

 

124,904

 

 

 

84,544

 

Warrants associated with MidCap credit facility

 

 

 

 

 

1,283,467

 

Total shares

 

 

71,916,141

 

 

 

71,333,761

 

__________________________

(1)

Market RSUs issued in 2020, 2021 and 2022 are included at the share delivery of 300%, 0% and 100%, respectively, in accordance with a valuation assessment obtained as of September 30, 2022.