Net Loss Per Share

12 Months Ended

Dec. 31, 2019

3. Net Loss Per Share

Basic and diluted net loss per share have been calculated using the weighted-average number of common shares outstanding for the period.

The shares of common stock effectively repurchased in connection with the Forward Transactions are considered participating securities requiring the

two-class

method to calculate basic and diluted earnings per share. Net earnings in future periods will be allocated between common shares and participating securities. In periods of a net loss, the shares associated with the Forward Transactions will not receive an allocation of losses, as the counterparties to the Forward Transactions are not required to fund losses. Additionally, the calculation of weighted average shares outstanding as of December 31, 2019, 2018 and 2017 excludes the approximately 7.2 million shares associated with the Forward Transactions.

As a result of the net loss for each of the years ended December 31, 2019, 2018 and 2017 for the periods where such shares or securities were outstanding, all of the outstanding shares of common stock underlying stock options, deferred stock units and restricted stock units were excluded from the computation of diluted shares outstanding because they were anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017; however, because of the undistributed losses, the shares associated with the Forward Transactions are excluded from the computation of basic earnings per share as undistributed losses are not allocated to these shares (

in thousands, except per share amounts


	For the Years Ended December 31,
	2019			2018			2017
Net loss	$	(146,004	)	$	(162,031	)	$	(171,995	)
Less: Participation rights of the Forward Transactions		—			—			—

Undistributed losses	$	(146,004	)	$	(162,031	)	$	(171,995	)

Weighted-average common shares outstanding-basic and diluted		80,766			80,038			79,407

Net loss attributable to common stock per share-basic and diluted	$	(1.81	)	$	(2.02	)	$	(2.17	)