NET LOSS PER COMMON SHARE

12 Months Ended

Dec. 31, 2021

Basic and diluted net loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, and shares issuable upon conversion of the 2025 Notes, are considered to be common stock equivalents and are not included in the calculation of diluted net loss per share because their effect is anti-dilutive.

Basic and diluted net loss per share is calculated as follows (net loss amounts are stated in thousands):


	For the year ended December 31,
	2021					2020					2019
	Shares	Net loss		EPS		Shares	Net loss		EPS		Shares	Net loss		EPS



Basic and diluted loss per share	59,832,287	$	(180,091)	$	(3.01)	47,539,631	$	(169,431)	$	(3.56)	42,339,961	$	(146,427)	$	(3.46)

For the years ended December 31, 2021, 2020 and 2019, the following shares were excluded because they were anti-dilutive:


	For the year ended December 31,
	2021	2020	2019
Convertible debt	7,113,402	7,113,402	7,632,414
Restricted stock	1,569,470	1,368,096	599,298
Options	9,214,188	8,349,310	7,644,251

Total anti-dilutive shares	17,897,060	16,830,808	15,875,963