EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

Basic earnings per share includes no dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the periods presented. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings of an entity, such as convertible preferred stock, stock options, warrants or convertible securities.

Due to their anti-dilutive effect, the calculation of diluted earnings per share for the three months ended June 30, 2022 and 2021 excludes: 1) options to purchase 0.8 million and 5.6 million shares, respectively, of common stock, 2) warrants to purchase 1.3 million and 1.9 million shares, respectively, of common stock, 3) Series A Preferred Stock which is convertible into 0 and 0.4 million shares of common stock, and 6) 22.2 million shares of common stock which may be issued upon conversion of the Convertible Senior Notes, based on the initial maximum conversion rate of 233.6449 shares of the Company’s common stock per $1,000 principal amount of the Convertible Senior Notes.

Due to their anti-dilutive effect, the calculation of diluted earnings per share for the six months ended June 30, 2022 and 2021 excludes: 1) options to purchase 0.9 million and 5.6 million shares, respectively, of common stock, 2) warrants to purchase 1.6 million and 1.9 million shares, respectively, of common stock, 3) Series A Preferred Stock which is convertible into 0 and 0.4 million shares of common stock, and 6) 22.2 million shares of common stock which may be issued upon conversion of the Convertible Senior Notes, based on the initial maximum conversion rate of 233.6449 shares of the Company’s common stock per $1,000 principal amount of the Convertible Senior Notes.

The following is a reconciliation of the numerator and denominator for basic and diluted earnings per share for the three months and six months ended June 30, 2022 and 2021 (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Basic and diluted loss per Share
Numerator:
Net loss attributable to shareholders from continuing operations	$	(81,797)	$	(20,472)	$	(96,759)	$	(23,847)
Net income attributable to shareholders from discontinued operations, net of tax	14,821		426		24,814		4,436
Net loss attributable to common shareholders	$	(66,976)	$	(20,046)	$	(71,945)	$	(19,411)
Denominator:
Weighted-average common shares outstanding	67,923		52,683		65,660		50,210
Continuing operations	$	(1.20)	$	(0.39)	$	(1.47)	$	(0.48)
Discontinued operations, net of tax	0.22		0.01		0.38		0.09
Basic and diluted loss per share	$	(0.98)	$	(0.38)	$	(1.09)	$	(0.39)