Net Loss Per Share

3 Months Ended

Mar. 31, 2023

17. 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 Convertible and Redeemable Series A-2 Preferred Stock is considered a participating security during the applicable period. Net losses are not allocated to 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. During the three months ended March 31, 2023 and March 31, 2022, there is no difference in the number of shares used to calculate basic and diluted shares outstanding during the applicable period due to the Company’s net loss attributable to common stockholders 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:


	Three Months Ended
	March 31,
(In thousands, except for net loss per share)	2023			2022
Net loss	$	(14,719	)	$	(7,536	)
Convertible and redeemable series A-2 preferred stock dividend		(4,100	)		(4,100	)
Net loss attributable to common stockholders –basic and diluted		(18,819	)		(11,636	)
Weighted-average common shares outstanding – basic and diluted		29,857			29,662
Net loss per share attributable to common stockholders –basic and diluted	$	(0.63	)	$	(0.39	)

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:


	March 31,
	2023(1)		2022(1)
Stock options		3,510,142		2,034,041
Restricted stock		2,151,785		1,777,958
Series A-2		4,735,220		4,329,640
SARs		3,000,000		3,000,000

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(1) Includes 7,362,459 and 5,008,269 common stock equivalents that are out of the money as of March 31, 2023 and March 31, 2022, respectively.