Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.21.1
Earnings Per Share
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Basic (loss) income per share of common stock is calculated by dividing net (loss) income by the weighted-average shares outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards and warrants using the treasury stock method, and convertible notes using the if-converted method, are included when calculating the diluted net (loss) income per share of common stock when their effect is dilutive.
The following table presents the reconciliation of net (loss) income used in computing diluted net (loss) income per share of common stock:
Three Months Ended March 31,
2021 2020
Net (loss) income $ (120,506,771) $ 4,756,691 
Interest on convertible notes 2,000,000  — 
Change in fair value of convertible notes (15,500,000) — 
Adjusted net (loss) income $ (134,006,771) $ 4,756,691 
The following table presents the reconciliation of basic to diluted weighted average shares used in computing net (loss) income per share of common stock:
Three Months Ended March 31,
2021 2020
Weighted average shares outstanding, basic 122,633,856  68,465,759 
Stock-based awards and warrants —  15,303,061 
Convertible notes 5,667,328  — 
Weighted average shares outstanding, diluted 128,301,184  83,768,820 

The following table presents the potentially dilutive shares that were excluded from the computation of diluted net (loss) income per share of common stock, because their effect was anti-dilutive:

Three Months Ended March 31,
2021 2020
Stock-based awards and warrants 3,929,451  5,066,931 
Convertible notes —  14,137,319 

Excluded from the table above are the warrant shares related to the High Trail Convertible Note, which represented approximately 13.3 million warrants calculated using the if-converted method for the three months ended March 31, 2020. The warrants were issuable at the option of the Company following the full or partial redemption of the High Trail Convertible Note. No warrants were issued in connection with the High Trail Convertible Note and it was fully converted during the year ended December 31, 2020.