Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

The following table sets forth the computation of the Company's basic net income (loss) per share to common stockholders for the three months ended March 31, 2022 and 2021.


(in thousands, except share data)	Three Months Ended March 31,
	2022		2021
Net income (loss) attributable to TOI	$	19,286	$	(996)
Less: Net income attributable to participating securities, basic	3,519		—
Net income (loss) attributable to common stockholders, basic	$	15,767	$	(996)
Weighted average common shares outstanding, basic	73,252,365		62,853,419
Net income (loss) per share attributable to common stockholders, basic	$	0.22	$	(0.02)

The following table sets forth the computation of the Company's diluted net income (loss) per share to common stockholders for the three months ended March 31, 2022 and 2021.


(in thousands, except share data)	Three Months Ended March 31,
	2022		2021
Net income (loss) attributable to TOI	$	19,286	$	(996)
Less: Net income attributable to participating securities, diluted	3,405		—
Net income (loss) attributable to common stockholders, diluted	$	15,881	$	(996)
Weighted average shares outstanding, diluted	76,247,966		62,853,419
Net income (loss) per share attributable to common stockholders, diluted	$	0.21	$	(0.02)

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	Three Months Ended March 31,
	2022	2021
Stock options	4,609,124	8,706,158
RSUs	1,991,728	1,390,839
Earnout Shares	1,560,857	—
Public Warrants	5,749,986	—
Private Warrants	3,177,542	—