Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2021

The following tables detail the computation of the Company’s basic and diluted net income (loss) per share of common stock and Series A preferred stock:


Three Months Ended June 30,	2021				2020
	Common Stock		Preferred Stock (1)		Common Stock		Preferred Stock (1)




Net income (loss) attributable to stockholders	$	9,371	$	—	$	(61,389)	$	(17,082)
Weighted-average common shares – Basic	97,785,089		—		70,304,166		19,562,714
Weighted-average common shares – Diluted	102,031,088		—		70,304,166		19,562,714
Net income (loss) per share attributable to stockholders – Basic	$	0.10	$	0.00	$	(0.87)	$	(0.87)
Net income (loss) per share attributable to stockholders – Diluted	$	0.09	$	0.00	$	(0.87)	$	(0.87)


Six Months Ended June 30,	2021				2020
	Common Stock		Preferred Stock (1)		Common Stock		Preferred Stock (1)


Allocation of undistributed consolidated net loss	$	(37,199)	$	(514)	$	(104,686)	$	(21,872)
Deemed dividend	—		—		(50,204)		50,204
Net income (loss) attributable to stockholders	$	(37,199)	$	(514)	$	(154,890)	$	28,332
Weighted-average common shares – Basic and Diluted	95,239,769		1,317,062		78,406,162		11,071,212
Net income (loss) per share attributable to stockholders – Basic and Diluted	$	(0.39)	$	(0.39)	$	(1.98)	$	2.56

(1) Presented on an as-converted basis.

In February 2020, the Company entered into an exchange agreement with its largest stockholder, Shanda Asset Management Holdings Limited and its affiliates (Shanda), pursuant to which, on March 20, 2020, Shanda exchanged all of 19,562,881 shares of LendingClub common stock, par value of $0.01 per share, held by it for (i) 195,628 newly issued shares of mandatorily convertible, non-voting, LendingClub preferred stock, series A (Series A Preferred Stock), par value of $0.01 per share, and (ii) a one-time cash payment of $50.2 million. The Series A Preferred Stock is considered a separate class of common shares for purposes of calculating net income (loss) per share because it participates in earnings similar to common stock and does not receive any significant preferences over the common stock. During the period that included the Company’s preferred stock, Basic and Diluted EPS were computed using the two-class method, which is a net income (loss) allocation that determines EPS for each class of common stock according to dividends declared and participation rights in undistributed income (loss).

The following table summarizes the weighted-average common stock that were excluded from the Company’s diluted net income (loss) per share computation because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Preferred stock	—	19,562,714	1,317,062	11,071,212
RSUs and PBRSUs	—	1,368	2,232,314	16,336
Stock options	—	196,009	251,171	250,092
Total	—	19,760,091	3,800,547	11,337,640