Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

The following table provides a reconciliation of Net loss to Net loss available to common shareholders and calculation of basic net loss per common share for each of the years ended December 31, 2020, 2019, and 2018 (amounts in thousands, except share and per share amounts):


	Year ended December 31,
	2020		2019		2018
Net loss	$	(49,284)	$	(25,580)	$	(29,979)
Adjustments to reconcile to net loss available to common stockholders:
Accumulated dividend on Series B Convertible Preferred Stock	2,016		—		—
Amortization of beneficial conversion feature	31,110		—		—
Accretion of increasing-rate dividend feature	918		—		—
Total adjustments	34,044		—		—
Net loss available to common stockholders	$	(83,328)	$	(25,580)	$	(29,979)
Weighted average common shares outstanding	108,257,112		106,946,384		105,596,256
Basic net loss per common share	$	(0.77)	$	(0.24)	$	(0.28)

Schedule of earnings per share, diluted

The following table sets forth the computation of basic and diluted net loss per common share (in thousands, except share and per-share data):


	Year ended December 31,
	2020		2019		2018
Net loss available to common stockholders	$	(83,328)	$	(25,580)	$	(29,979)
Dividends on Series B Convertible Preferred Stock	34,044		—		—
Numerator - net loss available to common stockholders adjusted for hypothetical conversion of Series B Convertible Preferred Stock (a)	$	(83,328)	$	(25,580)	$	(29,979)


Denominator - weighted average common shares outstanding adjusted for potential common shares (b)	108,257,112		106,946,384		105,596,256
Diluted net loss per common share	$	(0.77)	$	(0.24)	$	(0.28)

(a)Diluted net loss per common share is not adjusted for dividends of $34.0 million on the Series B Convertible Preferred Stock because the effect of a hypothetical conversion was determined to be anti-dilutive.

(b)Weighted average common shares outstanding for the calculation of diluted net loss per common share does not include the following adjustments for potential common shares below because their effects were determined to be anti-dilutive for the periods presented:


	Year ended December 31,
	2020	2019	2018
Convertible preferred stock Series B	12,987,013	—	—
Restricted stock awards	1,299,770	1,157,563	365,978
Outstanding stock options	752,499	978,243	3,172,943
Restricted stock unit awards	616,141	—	—
Performance stock unit awards	31,621	—	—
Potential common shares	15,687,044	2,135,806	3,538,921