v3.22.2
Net Loss per Share
6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Net Loss per Share

3. Net Loss per Share

We compute net loss per share using the two-class method required for multiple classes of common stock. We have three classes of authorized common stock for which voting rights differ by class.

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, adjusted for restricted stock awards (“RSAs”) for which the risk of forfeiture has not yet lapsed.

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. We use the if-converted method for calculating any potential dilutive effect of the convertible senior notes due in 2025, 2026, 2027, and 2028 (collectively, the “Convertible Notes”) on diluted net loss per share. The Convertible Notes would have a dilutive impact on net income per share when the average market price of Class A common stock for a given period exceeds the respective conversion price of the Convertible Notes. For the periods presented, our potentially dilutive shares relating to stock options, restricted stock units (“RSUs”), RSAs, and Convertible Notes 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 three and six months ended June 30, 2022 and 2021:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands, except per share data)

 

 

 

Class A

Common

 

 

Class B

Common

 

 

Class C

Common

 

 

Class A

Common

 

 

Class B

Common

 

 

Class C

Common

 

 

Class A

Common

 

 

Class B

Common

 

 

Class C

Common

 

 

Class A

Common

 

 

Class B

Common

 

 

Class C

Common

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(356,314

)

 

$

(5,855

)

 

$

(59,898

)

 

$

(126,642

)

 

$

(2,317

)

 

$

(22,705

)

 

$

(659,409

)

 

$

(10,905

)

 

$

(111,377

)

 

$

(365,112

)

 

$

(6,805

)

 

$

(66,629

)

Net loss attributable to

   common stockholders

 

$

(356,314

)

 

$

(5,855

)

 

$

(59,898

)

 

$

(126,642

)

 

$

(2,317

)

 

$

(22,705

)

 

$

(659,409

)

 

$

(10,905

)

 

$

(111,377

)

 

$

(365,112

)

 

$

(6,805

)

 

$

(66,629

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average

   common shares

   - Basic

 

 

1,377,870

 

 

 

22,643

 

 

 

231,627

 

 

 

1,291,967

 

 

 

23,640

 

 

 

231,627

 

 

 

1,371,358

 

 

 

22,678

 

 

 

231,627

 

 

 

1,269,275

 

 

 

23,658

 

 

 

231,627

 

Diluted shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average

   common shares

   - Diluted

 

 

1,377,870

 

 

 

22,643

 

 

 

231,627

 

 

 

1,291,967

 

 

 

23,640

 

 

 

231,627

 

 

 

1,371,358

 

 

 

22,678

 

 

 

231,627

 

 

 

1,269,275

 

 

 

23,658

 

 

 

231,627

 

Net loss per share

   attributable to

   common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.26

)

 

$

(0.26

)

 

$

(0.26

)

 

$

(0.10

)

 

$

(0.10

)

 

$

(0.10

)

 

$

(0.48

)

 

$

(0.48

)

 

$

(0.48

)

 

$

(0.29

)

 

$

(0.29

)

 

$

(0.29

)

Diluted

 

$

(0.26

)

 

$

(0.26

)

 

$

(0.26

)

 

$

(0.10

)

 

$

(0.10

)

 

$

(0.10

)

 

$

(0.48

)

 

$

(0.48

)

 

$

(0.48

)

 

$

(0.29

)

 

$

(0.29

)

 

$

(0.29

)

 

 

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:

 

 

 

Three and Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Stock options

 

 

4,022

 

 

 

5,066

 

Unvested RSUs and RSAs

 

 

94,323

 

 

 

107,526

 

Convertible Notes (if-converted)

 

 

89,379

 

 

 

76,703