Quarterly report pursuant to Section 13 or 15(d)

NET LOSS PER SHARE

v3.24.2.u1
NET LOSS PER SHARE
9 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
NET LOSS PER SHARE NET LOSS PER SHARE
The Company has stock options, performance share units, restricted stock units and options to purchase shares under its Employee Stock Purchase Plan, as amended and restated on July 25, 2023 (“ESPP”), granted under various stock incentive plans that, upon exercise and vesting, would increase shares outstanding. The Company has also issued warrants to purchase shares of the Company’s common stock.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share data):
Three Months Ended December 31, Nine Months Ended December 31,
2023 2022 2023 2022
As Restated As Restated
Numerator:
Net income (loss) attributable to common stockholders used in basic earnings per share $ (9,869) $ 113  $ (22,342) $ (8,190)
Add back: Excluded (gain) loss on assumed exercise of liability-classified common stock warrants during the period —  —  —  (7,652)
Net income (loss) attributable to common stockholders used in diluted earnings per share $ (9,869) $ 113  $ (22,342) $ (15,842)
Denominator:
Weighted average common shares outstanding used in basic earnings per share 95,806  92,752  94,834  89,335 
Incremental common shares from:
Assumed exercise of dilutive warrants —  —  —  1,105 
Weighted average common shares outstanding used in diluted earnings per share 95,806  92,752  94,834  90,440 
Net income (loss) per share attributable to common stockholders - Basic $ (0.10) $ 0.00  $ (0.24) $ (0.10)
Net income (loss) per share attributable to common stockholders - Diluted $ (0.10) $ 0.00  $ (0.24) $ (0.18)
The dilutive impact related to common stock from restricted stock units and warrants is determined by applying the treasury stock method to the assumed vesting of outstanding restricted stock units and the exercise of outstanding warrants. The dilutive impact related to common stock from contingently issuable performance share units is determined by applying a two-step approach using both the contingently issuable share guidance and the treasury stock method.
The following weighted-average outstanding shares of common stock equivalents were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive (in thousands):
Three Months Ended December 31, Nine Months Ended December 31,
2023 2022 2023 2022
Stock Awards 2,110  331  2,480 
Warrants 12,164  3,706  12,164  3,706 

The Company had outstanding market based restricted stock units as of December 31, 2023 that were eligible to vest into shares of the Company’s common stock subject to the achievement of certain stock price targets in addition to a time-based vesting period. These contingently issuable shares are excluded from the computation of diluted earnings per share if, based on current period results, the shares would not be issuable if the end of the reporting period were the end of the contingency period. There were 7,468 shares of contingently issuable market-based restricted stock units that were excluded from the table above as the market conditions were not satisfied as of December 31, 2023.