Earnings Per Share

12 Months Ended

Dec. 31, 2022

The Company calculates earnings per share (“EPS”) as required by FASB ASC Topic No. 260, Earnings Per Share. Basic EPS is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common stock equivalents. Diluted EPS is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding for the period, plus the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. For periods with a net loss, the dilutive common stock equivalents are excluded from the diluted EPS calculation. For purposes of this calculation, common stock subject to repurchase by the Company, options, warrants, and convertible notes are considered to be common stock equivalents, and are only included in the calculation of diluted earnings per share when their effect is dilutive.

The following table sets forth the details of basic and diluted earnings per share (unaudited, in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021
	(in thousands, except per share amounts)
Numerator:
Net loss	$	(29,279)	$	(31,043)
Denominator:
Weighted average shares outstanding – basic	55,422		51,232
Potential common shares – options / warrants (treasury stock method) and convertible notes (as if converted method)	—		—
Weighted average shares outstanding – diluted	55,422		51,232

Shares excluded (anti-dilutive)	3,662		1,324

Net loss per common share:
Basic	$	(0.53)	$	(0.61)
Diluted	$	(0.53)	$	(0.61)