NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2022

The weighted-average number of shares of common stock outstanding prior to the Merger have been retroactively adjusted by the Exchange Ratio to give effect to the reverse recapitalization treatment of the Merger. Shares of common stock issued as a result of the conversion of Legacy Lucid convertible preferred stock in connection with the Closing have been included in the basic net loss per share calculation on a prospective basis.

Basic and diluted net loss per share attributable to common stockholders are calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2022		2021
Net loss	$	(81,286)	$	(747,952)
Deemed dividend related to the issuance of Series E convertible preferred stock	—		(2,167,333)
Net loss attributable to common stockholders	$	(81,286)	$	(2,915,285)

Weighted-average shares outstanding—basic and diluted	1,654,322,379		32,650,874

Net loss per share:
Basic and diluted	$	(0.05)	$	(89.29)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
Excluded Securities	2022	2021
Convertible preferred stock (on an as-converted basis)	—	411,875,942
Private warrants to purchase common stock	44,350,000	—
Options outstanding to purchase common stock	50,700,238	13,394,808
RSUs outstanding	34,235,618	—
If-converted common shares from convertible note	36,737,785	—
Total	166,023,641	425,270,750

The 2,090,140 shares of common stock equivalents subject to RSUs are excluded from the anti-dilutive table above as the underlying shares remain contingently issuable since the market conditions have not been satisfied as of March 31, 2022.