NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2021

Basic net loss per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. During the periods when there is a net loss, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. No dividends were declared or paid for the three and nine months ended September 30, 2021 or 2020.

For applicable periods, the Company uses the two-class method to calculate net loss per share and apply the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. Undistributed earnings for each period are allocated to participating securities, including the Preferred Stock for applicable periods, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. As there is no contractual obligation for the Preferred Stock to share in losses, the Company’s basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average shares of common stock outstanding during periods with undistributed losses.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common shareholders for the three and nine months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Basic and diluted net loss per share:
Numerator:



Net loss attributable to common shareholders – basic and diluted	$	(56,819)	$	(80,853)	$	(471,060)	$	(198,968)
Denominator:
Weighted average shares outstanding – basic and diluted	603,389		89,070		585,854		85,907
Basic and diluted net loss per share	$	(0.09)	$	(0.91)	$	(0.80)	$	(2.32)

There were no preferred dividends declared or accumulated for the period.

The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Common Stock Warrants	—	3,370	—	3,370
Series D Preferred Stock Warrants	—	485	—	485
Series E Preferred Stock Warrants	—	363	—	363
RSUs	56,404	31,804	56,404	31,804
Options	16,740	30,288	16,740	30,288
Unvested Shares from Early Exercise	9	74	9	74
Restricted Shares	1,216	2,458	1,216	2,458
Redeemable convertible preferred stock	—	314,424	—	314,424
Total anti-dilutive securities	74,369	383,266	74,369	383,266