Loss Per Share

12 Months Ended

Oct. 31, 2021

Loss Per Share

Loss Per Share

Note 20. Loss Per Share

Basic earnings (loss) per common share (“EPS”) are generally calculated as income (loss) available to common stockholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as income (loss) available to common stockholders divided by the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents.

The calculation of basic and diluted EPS for the years ended October 31, 2021, 2020 and 2019 was as follows (amounts in thousands, except share and per share amounts):

	2021		2020		2019
Numerator
Net loss attributable to FuelCell Energy, Inc.	$	(101,055)	$	(89,107)	$	(77,568)
Series A warrant exchange		—		—		(3,169)
Series B preferred stock dividends		(3,200)		(3,331)		(3,231)
Series C Preferred stock deemed dividends and redemption value adjustments, net		—		—		(6,522)
Series D Preferred stock deemed dividends and redemption accretion		—		—		(9,755)
Net loss attributable to common stockholders	$	(104,255)	$	(92,438)	$	(100,245)
Denominator
Weighted average common shares outstanding - basic		334,742,346		221,960,288		55,081,266
Effect of dilutive securities (1)		—		—		—
Weighted average common shares outstanding - diluted		334,742,346		221,960,288		55,081,266
Net loss to common stockholders per share - basic	$	(0.31)	$	(0.42)	$	(1.82)
Net loss to common stockholders per share - diluted (1)	$	(0.31)	$	(0.42)	$	(1.82)

(1) Due to the net loss to common stockholders in each of the years presented above, diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. As of October 31, 2021, 2020 and 2019, potentially dilutive securities excluded from the diluted loss per share calculation are as follows:

	October 31,		October 31,		October 31,
	2021		2020		2019
Orion Warrants		—		2,700,000		6,000,000
May 2017 Offering - Series C Warrants		950,102		964,114		964,114
Outstanding options to purchase common stock		22,388		23,891		24,927
Unvested Restricted Stock Awards		—		538		24,574
Unvested Restricted Stock Units		2,543,541		2,066,602		166,541
5% Series B Cumulative Convertible Preferred Stock		37,837		37,837		37,837
Series 1 Preferred Shares to satisfy conversion requirements		—		—		1,264
Total potentially dilutive securities		3,553,868		5,792,982		7,219,257