Aurora Innovation, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 31, 2022

The Company computes earnings per share of common stock using the two-class method required for participating securities and does not apply the two-class method in periods of net loss. The computation of basic and diluted earnings per share is the same as the inclusion of all potential common stock would have been anti-dilutive in a period of net loss.

The Company has two classes of common stock subsequent to the Merger: Class A and Class B. As both classes have identical liquidation and dividend rights, the net loss is allocated to the classes on a proportionate basis and results in an identical net loss per share for each class under the two-class method.

Redeemable convertible preferred stock, unvested restricted stock awards, and unvested early exercised stock options are participating securities in periods of income as the securities participate in undistributed earnings. The participating securities do not share in losses.

Share amounts and net loss per share have been recast for the three months ended March 31, 2021 to reflect the Exchange Ratio from the Merger.


	Three Months Ended March 31,
	2022				2021
	Class A		Class B		Class A		Class B
Numerator:
Net Loss	$	(43,994)	$	(32,814)	$	(188,619)	$	—
Net loss per share:
Basic and diluted	$	(0.07)	$	(0.07)	$	(0.39)	$	—
Denominator:
Weighted average common shares outstanding - basic and diluted	645,039,833		481,107,977		483,555,367		—

The following table presents the potential common stock outstanding excluded from the computation of diluted loss per share because including them would have had an antidilutive effect:


	Three Months Ended March 31,
	2022		2021
	Class A	Class B	Class A	Class B
Redeemable convertible preferred stock	—	—	223,321,886	221,591,059
Stock options	76,166,214	—	94,073,032	—
Restricted stock	67,144,632	—	1,331,664	—
Private placement warrants	8,900,000	—	—	—
Public warrants	12,218,291	—	—	—
Earnout shares liability	5,162,314	—	—	—
Total	169,591,451	—	318,726,582	221,591,059