Workhorse Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Earnings Per Share, Basic and Diluted

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