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Earnings Per Share
12 Months Ended
Dec. 31, 2021
Earnings Per Share  
Earnings Per Share

6. Earnings Per Share

Basic earnings per common stock are computed by dividing net loss attributable to common stockholders by the weighted average number of common stock outstanding during the reporting period. After January 1, 2021, the date of the adoption of ASU 2020-06, in periods when we have net income, the shares of our common stock subject to the convertible notes outstanding during the period will be included in our diluted earnings per share under the if-converted method. Since the Company is in a net loss position, all common stock equivalents would be considered anti-dilutive and are therefore not included in the determination of diluted earnings per share. Accordingly, basic and diluted loss per share are the same.

The following table provides the components of the calculations of basic and diluted earnings per share (in thousands, except share amounts):

Year ended December 31,

    

2021

    

2020

    

2019

Numerator:

Net loss attributable to common stockholders

$

(459,965)

$

(596,181)

$

(85,555)

Denominator:

Weighted average number of common stock outstanding

 

558,182,177

 

354,790,106

 

237,152,780

The potentially dilutive securities are summarized as follows:

At December 31,

    

2021

    

2020

    

2019

Stock options outstanding (1)

23,806,909

 

10,284,498

 

23,013,590

Restricted stock outstanding (2)

4,851,873

 

5,874,642

 

4,608,560

Common stock warrants (3)

80,017,181

104,753,740

110,573,392

Preferred stock (4)

 

 

2,998,527

Convertible Senior Notes (5)

39,170,766

 

42,256,610

 

59,133,896

Number of dilutive potential shares of common stock

147,846,729

 

163,169,490

200,327,965

(1)During the years ended December 31, 2021, 2020, and 2019, the Company granted 16,502,335, 3,509,549, and 3,221,892, stock options, respectively.

(2)During the years ended December 31, 2021, 2020, and 2019, the Company granted 1,894,356, 3,227,149, and 3,201,892, shares of restricted stock, respectively.

(3)In April 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 18, “Warrant Transaction Agreements.” The warrant was exercised with respect to 17,461,994 and 0 shares of the Company’s common stock as of December 31, 2021 and 2020, respectively.  

In July 2017, the Company issued a warrant to acquire up to 55,286,696 of the Company’s common stock as part of a transaction agreement with Walmart, subject to certain vesting events, as described in Note 18, “Warrant Transaction Agreements.” The warrant had been exercised with respect to 13,094,217 and 5,819,652 shares of the Company’s common stock as of December 31, 2021 and 2020, respectively.

(4)The preferred stock amount represents the dilutive potential on the shares of common stock as a result of the conversion of the Series C Redeemable Convertible Preferred Stock (Series C Preferred Stock) and Series E Convertible Preferred Stock (Series E Preferred Stock), based on the conversion price of each preferred stock as of December 31, 2019, and 2018, respectively. Of the 10,431 shares of Series C Preferred Stock issued on May 16, 2013, all shares had been converted to common stock as of December 31, 2020.  On November 1, 2018, the Company issued 35,000 shares of Series E Preferred Stock. As of December 31, 2019, 30,462 shares of the Series E Preferred Stock had been converted to common stock and 4,038 shares were redeemed for cash. All of the remaining Series E Preferred Stock were converted to either common stock or cash, in January 2020.

(5)In March 2018, the Company issued $100.0 million in aggregate principal amount of the 5.5% Convertible Senior Notes due 2023 (the “5.5% Convertible Senior Notes”).  In May 2020, the Company repurchased $66.3 million of the 5.5% Convertible Senior Notes due 2023 (the “5.5% Convertible Senior Notes”)and in the fourth quarter of 2020, $33.5 million of the 5.5% Convertible Senior Notes were converted into approximately 14.6 million shares of common stock. The remaining $160 thousand aggregate principal amount of the 5.5% Convertible Senior Notes were converted into 69,808 shares of common stock in January 2021. In September 2019, the Company issued $40.0 million in aggregate principal amount of the 7.5% Convertible Senior Note due 2023 (the “7.5% Convertible Senior Note”), which was fully converted into 16.0 million shares of common stock on July 1, 2020. In May 2020, the Company
issued $212.5 million in aggregate principal amount of the 3.75% Convertible Senior Notes.  During the first quarter of 2021, $15.2 million of the 3.75% Convertible Senior Notes were converted into 3,016,036 shares of common stock. There were no other conversions for the year ended December 31, 2021.