Loss Per Share

9 Months Ended

Sep. 30, 2023

Note 16. Loss Per Share

We compute loss per share attributable to common stock using the two-class method required for participating interests. Series 1 Redeemable Preferred Stock has preferential cumulative dividend rights. For each period presented, we increased net loss by the contractual amount of dividends payable to holders of Series 1 Redeemable Preferred Stock.

Basic loss per share of common stock was computed by dividing net loss, adjusted for the impact of Series 1 Redeemable Preferred Stock dividends, by the weighted average number of shares of common stock outstanding during the period. We excluded the effect of all potentially dilutive common stock elements from the denominator in the computation of diluted loss per share, as their inclusion would have been anti-dilutive.

The calculations of basic and diluted loss per share were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(266,684)	$	(74,209)	$	(348,655)	$	(280,401)
Less: Redeemable preferred stock dividends	(10,189)		(10,189)		(30,236)		(30,236)
Net loss attributable to common stockholders – basic and diluted	$	(276,873)	$	(84,398)	$	(378,891)	$	(310,637)
Denominator:
Weighted average common stock outstanding – basic	951,183,107		916,762,973		939,070,185		893,455,206
Weighted average common stock outstanding – diluted	951,183,107		916,762,973		939,070,185		893,455,206
Loss per share – basic	$	(0.29)	$	(0.09)	$	(0.40)	$	(0.35)
Loss per share – diluted	$	(0.29)	$	(0.09)	$	(0.40)	$	(0.35)

We excluded the effect of the below elements from our calculation of diluted loss per share, as their inclusion would have been anti-dilutive, as there were no earnings attributable to common stockholders. These amounts represent the number of instruments outstanding at the end of the period.


	September 30,
	2023	2022
Common stock options	17,951,656	19,047,350
Common stock warrants	12,170,990	12,170,990
Unvested RSUs(1)	72,644,790	63,948,079
Unvested PSUs	16,289,057	20,345,761
Convertible notes(2)	53,538,000	53,538,000
Contingent common stock(3)	61,145	6,305,595

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(1)As of September 30, 2023, includes DSUs granted to non-employee directors. See Note 13. Share-Based Compensation for additional information.

(2)Represents the shares of common stock issuable upon conversion of all convertible notes at the conversion rate in effect at the date indicated.

(3)As of September 30, 2023, includes contingently returnable common stock in connection with the Technisys Merger, which consists of shares that continue to be held in escrow pending resolution of outstanding indemnification claims by SoFi. See Note 2. Business Combinations for additional information.