| Net Loss Per Share |
9. Net Loss Per Share
The Company calculates basic and diluted net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities. As of June 30, 2021 and 2020, the Company had voting and non-voting common stock outstanding. Since the rights of the voting and non-voting common stock are identical, except with respect to voting, the undistributed losses of the Company have been allocated on a proportionate basis to the two classes. Diluted net loss per share is calculated using the if-converted method, which assumes conversion of all non-voting common stock to voting common stock.
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Three months ended June 30, 2021
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Six months ended June 30, 2021
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Voting common stock
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Non-voting common stock
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Voting common stock
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Non-voting common stock
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Basic net loss per share:
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Numerator
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Allocation of undistributed losses attributable to common stockholders
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$
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(9,197
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)
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$
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(1,942
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)
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$
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(17,023
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)
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$
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(3,818
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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20,419,479
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4,312,500
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19,807,202
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4,442,118
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Net loss per share, basic
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$
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(0.45
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)
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$
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(0.45
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)
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$
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(0.86
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)
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$
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(0.86
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)
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Diluted net loss per share:
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Numerator
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Allocation of undistributed losses for basic computation
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$
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(9,197
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)
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$
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(1,942
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)
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$
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(17,023
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)
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$
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(3,818
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)
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Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares
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(1,942
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)
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—
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(3,818
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)
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—
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Allocation of undistributed losses
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$
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(11,139
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)
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$
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(1,942
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)
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$
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(20,841
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)
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$
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(3,818
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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20,419,479
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4,312,500
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19,807,202
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4,442,118
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Add: conversion of non-voting to voting common shares outstanding
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4,312,500
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—
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4,442,118
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—
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Weighted average number of shares used in diluted per share computation
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24,731,979
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4,312,500
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24,249,320
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4,442,118
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Net loss per share, diluted
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$
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(0.45
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)
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$
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(0.45
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)
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$
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(0.86
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)
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$
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(0.86
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)
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Three months ended June 30, 2020
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Six months ended June 30, 2020
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Voting common stock
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Non-voting common stock
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Voting common stock
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Non-voting common stock
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Basic net loss per share:
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Numerator
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Allocation of undistributed losses attributable to common stockholders
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$
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(5,882
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)
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$
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(2,270
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)
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$
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(11,262
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)
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$
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(4,375
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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16,613,118
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6,409,519
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16,496,453
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6,409,519
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Net loss per share, basic
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$
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(0.35
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)
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$
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(0.35
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)
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$
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(0.68
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)
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$
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(0.68
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)
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Diluted net loss per share:
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Numerator
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Allocation of undistributed losses for basic computation
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$
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(5,882
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)
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$
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(2,270
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)
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$
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(11,262
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)
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$
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(4,375
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)
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Reallocation of undistributed losses as a result of conversion of
non-voting to voting common shares
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(2,270
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)
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—
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(4,375
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)
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—
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Allocation of undistributed losses
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$
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(8,152
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)
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$
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(2,270
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)
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$
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(15,637
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)
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$
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(4,375
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)
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Denominator
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Weighted average number of shares used in basic per share computation
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16,613,118
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6,409,519
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16,496,453
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6,409,519
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Add: conversion of non-voting to voting common shares outstanding
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6,409,519
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—
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6,409,519
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—
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Weighted average number of shares used in diluted per share computation
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23,022,637
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6,409,519
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22,905,972
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6,409,519
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Net loss per share, diluted
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$
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(0.35
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)
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$
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(0.35
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)
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$
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(0.68
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)
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$
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(0.68
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)
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The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:
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As of June 30,
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2021
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2020
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Stock options to purchase common stock
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3,948,254
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2,817,990
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Non-vested common stock
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6,324
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927,391
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3,954,578
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3,745,381
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