|
7. Earnings per Share
The following table sets forth the computation of basic and diluted net income (loss) per share of common stock:
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Net income (loss) available to common stockholders |
|
$ |
821 |
|
|
$ |
(16,138 |
) |
Change in fair value of Ares Put Option |
|
|
(1,062 |
) |
|
|
— |
|
Net loss available to common stockholders after assumed conversions |
|
$ |
(241 |
) |
|
$ |
(16,138 |
) |
|
|
|
|
|
|
|
Weighted average common shares outstanding — Basic |
|
|
124,301 |
|
|
|
124,361 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
Restricted share units |
|
|
4 |
|
|
|
— |
|
Ares Put Option |
|
|
1,128 |
|
|
|
— |
|
Weighted average common shares outstanding — Diluted |
|
|
125,433 |
|
|
|
124,361 |
|
Net income (loss) per share available to common stockholders
— Basic |
|
$ |
0.01 |
|
|
$ |
(0.13 |
) |
Net loss per share available to common stockholders
— Diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.13 |
) |
The following potential shares of common stock have been excluded from the computation of diluted net income (loss) per share because their effect would have been antidilutive:
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|
|
|
|
|
|
|
|
As of March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Stock options |
|
|
897 |
|
|
|
126 |
|
Ares warrants |
|
|
1,100 |
|
|
|
1,100 |
|
Public and Private warrants |
|
|
17,333 |
|
|
|
17,333 |
|
Series A redeemable preferred stock |
|
|
8,347 |
|
|
|
8,333 |
|
Restricted share units |
|
|
— |
|
|
|
1,511 |
|
Ares Put Option |
|
|
— |
|
|
* |
|
* Refer to the description of this instrument in Note 8.
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