The Company computes loss per share of our common stock, par value $0.0001 per share (“Common Stock”) and Series A Preferred Stock, par value $0.0001 per share (“Series A Preferred Stock”) using the two-class method. The two-class method requires income available to common stockholders for the period to be allocated between Common Stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers our Series A Preferred Stock to be a participating security, as its holders are entitled to fully participate in any dividends or other distributions declared or paid on our Common Stock on an as-converted basis.


	Three Months Ended March 31,
	2025		2024

Numerator:
Net Loss	$	(25,848)	$	(96,130)

Preferred stock dividends and accretion	(1,438)		(1,375)
Net loss attributable to common stockholders	$	(27,286)	$	(97,505)
Denominator:
Weighted–average common shares outstanding, basic and diluted	28,220,936		28,917,897
Net loss per common share, basic and diluted	$	(0.97)	$	(3.37)

Due to the net losses for the three months ended March 31, 2025 and March 31, 2024, respectively, basic and diluted loss per share were the same. The Company uses the application of the if-converted method for calculating diluted earnings per share on our Series A Preferred Stock. The Company applies the treasury stock method for calculating diluted earnings per share on our stock options, restricted stock units and performance-based restricted stock units.

Contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”) were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.

Potential shares of common stock are excluded from the computation of diluted earnings per share when their effect would be antidilutive. Performance-based restricted stock units are considered dilutive when the related performance criteria have been met assuming the end of the reporting period represents the end of the performance period. All potential shares of common stock are antidilutive in periods of net loss. Potential shares of common stock not included in the computation of earnings per share because their effect would have been antidilutive or because the performance criterion was not met were as follows (in thousands):


	March 31,
	2025	2024

Stock options	103,561	141,699

Restricted stock units	2,679,178	2,937,337
Performance restricted stock units	350,000	350,000
Series A Preferred Stock on an if-converted basis(1)	7,384,195	7,061,046
Total anti–dilutive common share equivalents	10,516,934	10,490,082

(1) As of March 31, 2025, the Series A Preferred Stock plus accumulated dividends totaled $129.2 million. The Series A Preferred Stock has a conversion price of $17.50 per share, as detailed in “Note 9. Mezzanine Equity”.