| Schedule of basic and diluted net loss per share of common stock |
The following table sets forth the computation of basic and diluted net loss per share of common stock (in thousands, except per share amounts):
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|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net loss (numerator): |
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|
|
|
|
|
|
Net loss – basic and diluted |
$ |
(44,130 |
) |
|
$ |
(38,160 |
) |
|
$ |
(169,741 |
) |
|
$ |
(40,572 |
) |
|
|
|
|
|
|
|
|
Shares (denominator): |
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|
|
|
|
|
|
Weighted-average shares – basic and diluted |
85,496 |
|
|
78,127 |
|
|
85,468 |
|
|
78,385 |
|
|
|
|
|
|
|
|
|
Loss per share - basic and diluted |
$ |
(0.52 |
) |
|
$ |
(0.49 |
) |
|
$ |
(1.99 |
) |
|
$ |
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net loss (Numerator): |
|
|
|
|
|
|
|
Net loss |
$ |
(44,130 |
) |
|
$ |
(38,160 |
) |
|
$ |
(169,741 |
) |
|
$ |
(40,572 |
) |
Less: adjustment for change in fair value on warrants liability for diluted EPS after assumed exercise of warrants liability |
— |
|
|
— |
|
|
— |
|
|
— |
|
Net loss for dilutive EPS |
$ |
(44,130 |
) |
|
$ |
(38,160 |
) |
|
$ |
(169,741 |
) |
|
$ |
(40,572 |
) |
|
|
|
|
|
|
|
|
Shares (Denominator): |
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic |
85,496 |
|
|
78,127 |
|
|
85,468 |
|
|
78,385 |
|
Dilutive effect of stock options and warrants |
— |
|
|
— |
|
|
— |
|
|
— |
|
Weighted average common shares outstanding - diluted |
85,496 |
|
|
78,127 |
|
|
85,468 |
|
|
78,385 |
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.52 |
) |
|
$ |
(0.49 |
) |
|
$ |
(1.99 |
) |
|
$ |
(0.52 |
) |
Diluted |
$ |
(0.52 |
) |
|
$ |
(0.49 |
) |
|
$ |
(1.99 |
) |
|
$ |
(0.52 |
) |
|
| Schedule of antidilutive securities |
The following weighted average common equivalent shares are excluded from the calculation of the Company’s net loss per share as their inclusion would have been anti-dilutive (in thousands):
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Employee stock options |
5,525 |
|
|
6,139 |
|
|
6,060 |
|
|
5,919 |
|
Restricted stock units |
1,474 |
|
|
602 |
|
|
1,625 |
|
|
397 |
|
Equity warrants (1)
|
351 |
|
|
1,164 |
|
|
711 |
|
|
1,165 |
|
Public SPAC Warrants (2)
|
6,173 |
|
|
6,173 |
|
|
6,173 |
|
|
6,173 |
|
2.75% convertible senior notes, due February 2035 |
4,447 |
|
|
4,447 |
|
|
4,447 |
|
|
4,447 |
|
EMC deferred consideration (3)
|
5,536 |
|
|
— |
|
|
5,536 |
|
|
— |
|
Contingently issuable shares (4)
|
900 |
|
|
— |
|
|
900 |
|
|
— |
|
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|
(1) |
These are Legacy Row 44 warrants originally issuable for Row 44 common stock and Row 44 Series C preferred stock, later became issuable for our Common Stock. During the six months ended June 30, 2017, these Legacy Row 44 warrants expired. See Note 11. Common Stock, Share-Based Awards and Warrants.
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(3) |
In connection with the EMC Acquisition on July 27, 2016 (the “EMC Acquisition Date”), we were obligated to pay $25.0 million in cash or stock, at our option, on July 27, 2017, which we elected to pay in 5,080,049 newly issued shares of our common stock on that date. See Note 9. Commitments and Contingencies. This EMC deferred consideration represents those shares.
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(4) |
In connection with a Sound Recording Settlement, we are obligated to issue 500,000 shares of our common stock when and if the closing price of our common stock exceeds $10.00 per share, and 400,000 shares of our common stock when and if the closing price of our common stock exceeds $12.00 per share. See Note 9. Commitments and Contingencies.
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