Earnings Per Share

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Numerator:
Net loss attributable to common stockholders	$	(724,008)	$	(459,965)	$	(596,181)
Denominator:
Weighted average number of common stock outstanding		579,716,708		558,182,177		354,790,106

The potentially dilutive securities are summarized as follows:


	At December 31,
	2022	2021	2020
Stock options outstanding (1)	27,598,269	23,806,909	10,284,498
Restricted stock outstanding (2)	6,276,376	4,851,873	5,874,642
Common stock warrants (3)	88,774,725	80,017,181	104,753,740
Convertible Senior Notes (4)	39,170,766	39,170,766	42,256,610
Number of dilutive potential shares of common stock	161,820,136	147,846,729	163,169,490

(1)	During the years ended December 31, 2022, 2021, and 2020, the Company granted 4,761,724, 16,502,335, and 3,509,549, stock options, respectively.

(2)	During the years ended December 31, 2022, 2021, and 2020, the Company granted 4,289,682, 1,894,356, and 3,227,149, shares of restricted stock, respectively.

(3)

In August 2022, the Company issued a warrant to acquire up to 16,000,000 shares of the Company’s common stock as part of a transaction agreement with Amazon, subject to certain vesting events, as described in Note 17, “Warrant Transaction Agreements.” The warrant had no shares exercised of the Company’s common stock as of December 31, 2022.

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 17, “Warrant Transaction Agreements.” The warrant was exercised with respect to 24,704,450 shares and 17,461,994 shares of the Company’s common stock as of December 31, 2022 and 2021, 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 17, “Warrant Transaction Agreements.” The warrant had been exercised with respect to 13,094,217 shares of the Company’s common stock as of December 31, 2022 and 2021.

(4)

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 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, 2022.