We compute net loss per share using the two-class method required for multiple classes of common stock and participating securities. Our participating securities include any shares issued on the early exercise of stock options subject to repurchase because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock.

In March 2017, we completed our IPO in which we issued and sold 160.3 million shares of Class A common stock, inclusive of the over-allotment, at an initial public offering price of $17.00 per share and excluding shares sold in the IPO by certain of our existing stockholders. We received net proceeds of $2.6 billion after deducting underwriting discounts and commissions of $68.1 million and other offering expenses of $14.7 million. On the closing of the IPO, all shares of our then-outstanding convertible preferred stock other than Series FP preferred stock automatically converted into an aggregate of 246.8 million shares of Class B common stock and all outstanding shares of Series FP preferred stock automatically converted into 215.9 million shares of Class C common stock. Following the IPO, we have three classes of authorized common stock – Class A common stock, Class B common stock, and Class C common stock.

Before our IPO, our participating securities also included Series D, E, F, and FP preferred stock and Series A, A-1, B, and C convertible preferred stock. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock, and the Series D, E, F, and FP preferred stock were substantially identical, other than voting rights. Accordingly, the Class A common stock, Class B common stock, and the Series D, E, F, and FP preferred stock shared equally in our net losses. The holders of early exercised shares subject to repurchase and the holders of Series A, A-1, B, and C convertible preferred stock did not have a contractual obligation to share in our losses, and as a result our net losses were not allocated to these participating securities.

In connection with our IPO, our Series D, E, and F preferred stock converted on a one-to-one basis into Class B common stock, and our Series FP preferred stock converted on a one-to-one basis into Class C common stock. The liquidation and dividend rights of the aforementioned preferred series are substantially identical to the rights of the common classes into which they converted. Accordingly, we have presented the Series D, E, and F preferred stock outstanding before the IPO together with the Class B common stock, and the Series FP preferred stock outstanding before the IPO together with the Class C common stock for purposes of calculating net loss per share. The prior period presentation has been adjusted to conform to our current period presentation.

Also in connection with our IPO, our Series A, A-1, B, and C preferred stock converted on a one-to-one basis into Class B common stock. The shares of Class B common stock that resulted from the conversion of the Series A, A-1, B, and C preferred stock are weighted in the denominator of net loss per share for Class B common stock for the portion of the time outstanding subsequent to our IPO.

Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted-average number of shares of stock outstanding during the period. Vested RSUs that have not been settled, including the vested CEO award, and RSAs for which the risk of forfeiture has lapsed have been included in the appropriate common share class used to calculate basic net loss per share.

For the calculation of diluted net loss per share, net loss per share attributable to common stockholders for basic net loss per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. Diluted net loss per share attributable to common stockholders is computed by dividing the resulting net loss attributable to common stockholders by the weighted-average number of fully diluted common shares outstanding. In the years ended December 31, 2018, 2017, and 2016 our potentially dilutive shares relating to stock options, RSUs, RSAs, and common stock subject to repurchase, and, for the 2016 periods, shares of Series A, A-1, B, and C convertible preferred stock were not included in the computation of diluted net loss per share as the effect of including these shares in the calculation would have been anti-dilutive.

The numerators and denominators of the basic and diluted net loss per share computations for our common stock are calculated as follows for the years ended December 31, 2018, 2017, and 2016:

	Year Ended December 31,
	2016									2017									2018
	(in thousands, except per share data)
	Class A Common			Class B Common⁽¹⁾			Class C Common⁽²⁾			Class A Common⁽³⁾			Class B Common⁽¹⁾			Class C Common⁽²⁾			Class A Common			Class B Common			Class C Common
Numerator:
Net loss	$	(311,523	)	$	(65,174	)	$	(137,946	)	$	(2,169,120	)	$	(548,098	)	$	(727,848	)	$	(921,235	)	$	(94,897	)	$	(239,779	)
Net loss attributable to common stockholders	$	(311,523	)	$	(65,174	)	$	(137,946	)	$	(2,169,120	)	$	(548,098	)	$	(727,848	)	$	(921,235	)	$	(94,897	)	$	(239,779	)
Denominator:
Basic shares:
Weighted-average common shares - Basic		489,019			102,309			216,543			734,203			185,520			246,362			953,992			98,271			248,305
Diluted shares:
Weighted-average common shares - Diluted		489,019			102,309			216,543			734,203			185,520			246,362			953,992			98,271			248,305
Net loss per share attributable to common stockholders:
Basic	$	(0.64	)	$	(0.64	)	$	(0.64	)	$	(2.95	)	$	(2.95	)	$	(2.95	)	$	(0.97	)	$	(0.97	)	$	(0.97	)
Diluted	$	(0.64	)	$	(0.64	)	$	(0.64	)	$	(2.95	)	$	(2.95	)	$	(2.95	)	$	(0.97	)	$	(0.97	)	$	(0.97	)

The following potentially dilutive shares were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented: