Net Loss per Share

6 Months Ended

Jun. 30, 2020

Net Loss per Share

Net Loss per Share

10.         Net Loss per Share

The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, Class A1 and Class B1 common shares are identical, except with respect to voting, transferability and conversion (see Note 7). As the liquidation and dividend rights are identical, losses are allocated on a proportionate basis, and the resulting net loss per share attributed to common shareholders will, therefore, be the same for both Class A and Class B common shares on an individual or combined basis.

Basic and diluted net loss per share attributable to common shareholders was calculated as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019			2020	2019
Numerator:
Net loss attributable to common shareholders	$	(37,469)	$	(37,191)	$	(63,888)	$	(103,012)
Denominator:
Weighted average common shares outstanding—basic and diluted		57,914,105		54,475,476		56,618,397		53,225,710
Net loss per share attributable to common shareholders— basic and diluted	$	(0.65)	$	(0.68)	$	(1.13)	$	(1.94)

The Company’s unvested restricted shares and RSUs have been excluded from the computation of basic net loss per share attributable to common shareholders.

The Company’s potentially dilutive securities, which include options, unvested restricted shares and unvested RSUs, have been excluded from the computation of diluted net loss per share attributable to common shareholders as the effect would be to reduce the net loss per share attributable to common shareholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common

shareholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:

	As of June 30,
	2020	2019
Options to purchase common shares	8,683,380	7,375,256
Unvested restricted shares	—	178,417
Unvested RSUs	286,727	—
	8,970,107	7,553,673