Quarterly report pursuant to Section 13 or 15(d)

Net Results Per Share (Tables)

v3.19.1
Net Results Per Share (Tables)
 3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
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):
 
Three Months Ended March 31,
 
2019
 
2018
Net loss (numerator):
 
 
 
Net loss – basic and diluted
$
(37,609
)
 
$
(38,284
)
Shares (denominator):
 
 
 
Weighted-average shares – basic and diluted
91,831

 
90,792

Loss per share -- basic and diluted
$
(0.41
)
 
$
(0.42
)
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):
 
Three Months Ended March 31,
 
2019
 
2018
Employee stock options
5,123

 
6,240

Restricted stock units (including performance stock units)
2,182

 
2,194

Public SPAC Warrants (1)
—

 
2,143

2.75% convertible senior notes due 2035
4,447

 
4,447

Contingently issuable shares (2)
900

 
900

Searchlight Penny Warrants (3)
18,066

 
803

Searchlight Market Warrants (3)
13,000

 
578


(1)
6,173,228 of our publicly traded warrants (the “Public SPAC Warrants”) expired on January 31, 2018 and are no longer exercisable.
(2)
In connection with the Sound Recording Settlement, we are obligated to issue 500,000 shares of our common stock to UMG when and if the closing price of our common stock exceeds $10.00 per share, and 400,000 shares of our common stock to UMG when and if the closing price of our common stock exceeds $12.00 per share.
(3)
On March 27, 2018 we sold to Searchlight (and associated entities) $150.0 million in aggregate principal amount of our Second Lien Notes as well as warrants to acquire an aggregate of 18,065,775 shares of the Company’s common stock at an exercise price of $0.01 per share (the “Penny Warrants”) and warrants to acquire an aggregate of 13,000,000 shares of Common Stock at an exercise price of $1.57 per share (the “Market Warrants”). See Note 9. Financing Arrangements to our 2018 Form 10-K.