Net Loss Per Share

12 Months Ended

Dec. 31, 2023

18. 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 to purchase common stock. During the years ended December 31, 2023, 2022, and 2021, 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	2023			2022			2021
Net loss	$	(30,859	)	$	(31,819	)	$	(25,325	)
Convertible and redeemable series A-2 preferred stock dividend		(16,400	)		(16,400	)		(16,400	)
Net loss attributable to common stockholders – basic and diluted		(47,259	)		(48,219	)		(41,725	)
Weighted-average common shares outstanding – basic and diluted		30,058			29,688			26,724
Net loss per share attributable to common stockholders – basic and diluted	$	(1.57	)	$	(1.62	)	$	(1.56	)

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:


	2023 (1)		2022 (1)		2021 (1)
Stock options		3,308,463		3,435,261		1,687,413
Restricted stock		2,468,722		1,777,715		1,693,923
Series A-2		5,952,609		4,983,282		4,085,083
SARs		3,000,000		3,000,000		3,000,000
Total		14,729,794		13,196,258		10,466,419

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(1) Includes 7,660,169, 6,886,942 and 4,051,206 shares underlying equity awards that were out of the money as of December 31, 2023, 2022 and 2021, respectively.