Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.22.2
Earnings Per Share
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
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. Basic earnings per share is computed using the two-class method required for participating securities but is not applied in fiscal periods with a 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 (RSAs), unvested Restricted Stock Units (RSUs) and unvested early exercised stock options are participating securities in periods of income as the securities participate in undistributed earnings. The securities do not share in losses.
Share amounts and net loss per share have been retrospectively restated to reflect the Exchange Ratio from the Merger.
2021 2020 2019
  Class A Class B Class A Class B Class A Class B
Numerator:
Net Loss
$ (354,415) $ (401,038) $ (9,041) $ (205,408) $ (94,077) $ — 
Net loss per share:
Basic and diluted
$ (1.22) $ (1.22) $ (0.79) $ (0.79) $ (0.37) $ — 
Denominator:
Weighted average common shares outstanding -
basic and diluted
291,251,127  329,565,292  11,423,175  259,517,022  254,398,417  — 
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:
2021 2020 2019
Class A Class B Class A Class B Class A Class B
Redeemable Convertible Preferred Stock
—  —  68,709,583  221,591,059  68,709,583  221,716,143 
Stock Options
81,478,914  —  77,417,673  —  90,016,659  — 
Restricted stock
35,140,985  —  2,382,969  —  11,661,120  — 
Private placement warrants 8,900,000  —  —  —  —  — 
Public warrants 12,218,420  —  —  —  —  — 
Earnout Shares 5,162,314  —  —  —  —  — 
Total
142,900,633  —  148,510,225  221,591,059  170,387,362  221,716,143