NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2024

NOTE 7 – NET LOSS PER SHARE

The Company follows the two-class method when computing net loss per share of Common Stock when shares are issued that meet the definition of participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of participating securities do not have a contractual obligation to fund losses, undistributed net losses are not allocated to nonvested restricted stock for purposes of the loss per share calculation.

Presented in the table below is a reconciliation of the basic and diluted EPS calculations for the three and nine months ended September 30, 2024 and 2023 (in thousands except per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net (loss) income attributable to PCT	$	(90,639	)	$	8,530		$	(224,458	)	$	(72,680	)
Less income attributable to participating warrants		—			(480	)		—			—
Net (loss) income attributable to common stockholders	$	(90,639	)	$	8,050		$	(224,458	)	$	(72,680	)
Weighted average common stock outstanding, basic		166,513			164,018			165,224			163,783
Net (loss) income per share attributable to common stockholder, basic	$	(0.54	)	$	0.05		$	(1.36	)	$	(0.44	)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net (loss) income attributable to PCT	$	(90,639	)	$	8,530		$	(224,458	)	$	(72,680	)
Less change in fair value of RTI Warrants		—			(4,049	)		—			(1,485	)
Add interest and amortization on Green Convertible Notes		—			(81	)		—			—
Net (loss) income attributable to common stockholders	$	(90,639	)	$	4,400		$	(224,458	)	$	(74,165	)
Weighted average common stock outstanding, basic		166,513			164,018			165,224			163,783
Add common equivalent shares from warrants		—			395			—			197
Add common equivalent shares from equity awards		—			1,135			—			—
Weighted average common shares outstanding, diluted		166,513			165,548			165,224			163,980

Net (loss) income per share attributable to common stockholder, diluted	$	(0.54	)	$	0.03		$	(1.36	)	$	(0.45	)

Certain outstanding Common Stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented as including them would have been anti-dilutive. A summary of those outstanding Common Stock equivalents is presented in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Anti-dilutive awards
Warrants, outstanding not exercised		33,351		24,316		33,351		24,316
Stock options, outstanding not exercised		1,289		612		1,289		1,067
RSU, non-vested		3,569		718		3,569		3,102
PSU, non-vested		1,371		1,465		1,371		1,465
Contingently - issuable shares related to the Earnout		2,000		4,000		2,000		4,000
Shares issuable upon conversion of Green Convertible Notes		16,869		16,869		16,869		16,869