Net loss per share

6 Months Ended

Jun. 30, 2019

The following table presents the calculations of basic and diluted net loss per share:



	Three months ended June 30,						Six months ended June 30,
(in thousands, except per share data)	2019			2018			2019			2018
Numerator:
Net loss	$	(11,287	)	$	(37,269	)	$	(35,652	)	$	(113,616	)

Denominator:
Weighted-average common shares—basic and diluted for Class A and Class B common stock	144,668			139,166			143,640			138,515

Basic and diluted net loss per share	$	(0.08	)	$	(0.27	)	$	(0.25	)	$	(0.82	)

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:



	Three months ended June 30,		Six months ended June 30,
(in thousands)	2019	2018	2019	2018
Anti-dilutive stock-based awards	12,768	15,233	12,860	16,411

The Company has the intent and ability to deliver cash up to the principal amount of the Notes subject to conversion, based on the Company’s current and projected liquidity. As such, no shares associated with the Note

conversion were included in the Company’s weighted-average number of common shares outstanding for any periods presented. The Company’s Notes mature on April 15, 2022, unless earlier repurchased or converted into shares of Class A common stock under certain circumstances as described further in Note 4 Financing Arrangements. The Notes are convertible into cash, shares of the Company’s Class A common stock, or a combination thereof, at the Company’s election. While the Company has the intent and ability to deliver cash up to the principal amount, the maximum number of shares issuable upon conversion of the Notes is 20.6 million shares of Class A common stock. Additionally, the calculation of weighted-average shares outstanding for the three and six months ended June 30, 2019 and 2018 excludes approximately 9.2 million shares effectively repurchased and held in treasury stock on the condensed consolidated balance sheets as a result of the Prepaid Forward transaction entered into in connection with the Note offering.

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock and has no expiration date. Each share of Class B common stock will convert automatically into one share of Class A common stock upon the date when the outstanding shares of Class B common stock represent less than 10% of the aggregate number of shares of common stock then outstanding. Class A common stock is not convertible into Class B common stock. The computation of the diluted net loss per share of Class A common stock assumes the conversion of Class B common stock.