Bird Global, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Loss Per Share

Loss Per Share

3 Months Ended

Mar. 31, 2023

Basic loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period without consideration for common stock equivalents. Diluted loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period and potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

The Company computes loss per share using the two-class method. The rights, including the liquidation and dividend rights, of the Class A Common Stock and Class X Common Stock are identical, other than voting rights. Accordingly, the Class A Common Stock and Class X Common Stock share equally in the Company’s net losses. Because the computed loss per share for holders of the Class A Common Stock and the Class X Common Stock is identical, the Company does not present separate loss per share computations.

The following table presents the calculation of basic loss per share (in thousands, except per share amounts):


	Three Months Ended March 31,
	2023		2022
Net loss (income)	$	(44,318)	$	7,748
Basic weighted-average shares outstanding	316,240		269,825
Basic (loss) earnings per share	$	(0.14)	$	0.03

As the company generated net income during the three months ended March 31, 2022, diluted earnings per share for the prior period was $0.03 based on the diluted weighted-average number of shares of 280,949.


	Three Months Ended March 31,
	2023		2022
Net loss (income)	$	(44,318)	$	7,748
Weighted-average shares outstanding	316,240		269,825
Stock options	—		10,608
RSUs	—		516
Diluted weighted-average number of shares	316,240		280,949
Diluted (loss) earnings per share	$	(0.14)	$	0.03

The following outstanding securities were excluded from the computation of loss per share because their effect would have been anti-dilutive for the periods presented (in thousands):


	As of March 31,
	2023	2022
Convertible Senior Secured Notes	207,807	—
Stock options	11,878	1,007
Time-based vesting RSUs	30,713	25,740
Market-based vesting RSUs	7,250	29,073
Warrants to purchase Class A Common Stock	12,935	12,935
Contingently issuable shares	1,977	1,977
Total	272,560	70,732

While the portion of the Earnout Shares designated to holders of common stock of Bird Rides immediately prior to the consummation of the Business Combination would have been anti-dilutive for the periods presented, such Earnout Shares are not outstanding securities and have been excluded from the table above.