Net Loss Per Share

12 Months Ended

Dec. 31, 2022

20. NET LOSS PER SHARE

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during each period. The Redeemable Series A-1 Preferred Stock, which was outstanding prior to its redemption on July 27, 2020, and the Convertible and Redeemable Series A-2 Preferred Stock are considered a participating security. Net losses are not allocated to the Redeemable Series A-1 Preferred stockholders nor the Convertible and Redeemable Series A-2 stockholders, as they were not contractually obligated to share in the Company’s losses.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common and dilutive common equivalent shares outstanding for the period using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of RSAs, RSUs, SARs and shares of common stock underlying stock options outstanding under the Plans and warrants (other than warrant options) to purchase common stock. During the years ended December 31, 2022, 2021, and 2020, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive.

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


In thousands, except for net loss per share	2022			2021			2020
Net loss	$	(31,819	)	$	(25,325	)	$	(57,949	)
Accretion of redeemable series A-1 preferred stock		—			—			(17,601	)
Redeemable series A-1 preferred stock deemed dividend		—			—			(24,341	)
Convertible and redeemable series A-2 preferred stock dividend		(16,400	)		(16,400	)		(6,970	)
Net loss attributable to common stockholders – basic and diluted		(48,219	)		(41,725	)		(106,861	)
Weighted-average common shares outstanding – basic and diluted		29,688			26,724			16,479
Net loss per share attributable to common stockholders – basic and diluted	$	(1.62	)	$	(1.56	)	$	(6.48	)

The following common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive for the years ended December 31:


	2022 (1)		2021 (1)		2020 (1)
Stock options		3,435,261		1,687,413		2,237,910
Restricted stock		1,777,715		1,693,923		187,989
Series A-2		4,983,282		4,085,083		5,533,150
SARs		3,000,000		3,000,000		—
Warrants		—		—		116,350
Total		13,196,258		10,466,419		8,075,399

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(1) Includes 6,886,942, 4,051,206 and 728,143 equity shares that are out of the money as of December 31, 2022, 2021 and 2020, respectively.