Quarterly report pursuant to Section 13 or 15(d)

Net Results Per Share (Tables)

v3.20.2
Net Results Per Share (Tables)
3 Months Ended
Mar. 31, 2020
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. All per share amounts presented below, have been adjusted for the Reverse Stock Split. (in thousands, except per share amounts):
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Net loss (numerator):
 
 
 
 
Net loss – basic and diluted
 
$
(80,925
)
 
$
(37,609
)
Shares (denominator):
 
 
 
 
Weighted-average shares – basic and diluted
 
3,718

 
3,673

Diluted
 
$
(21.77
)
 
$
(10.23
)
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,
 
2020
 
2019
Employee stock options
203

 
205

Restricted and performance stock units
170

 
87

2.75% convertible senior notes due 2035
178

 
178

Contingently issuable shares (1)
36

 
36

Searchlight Penny Warrants (2)
723

 
723

Searchlight Market Warrants (2)
520

 
520


(1)
In connection with the Sound Recording Settlement, we are obligated to issue 20,000 shares of our common stock to UMG when and if the closing price of our common stock exceeds $250.00 per share, and 16,000 shares of our common stock to UMG when and if the closing price of our common stock exceeds $300.00 per share.
(2)
On March 27, 2018, the Company issued $150.0 million in aggregate principal amount of its Second Lien Notes to Searchlight, combined with two sets of warrants to acquire the Company’s common stock. For further details see Note 10. Financing Arrangements to our 2019 Form 10-K.