Quarterly report pursuant to Section 13 or 15(d)

Loss Per Share

v3.21.1
Loss Per Share
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Loss Per Share

Note 11 — Loss Per Share

 

The “Net loss per share - attributable to PAVmed Inc. - basic and diluted” and “Net loss per share - attributable to PAVmed Inc. common stockholders - basic and diluted” - for the respective periods indicated - is as follows:

 

    Three Months Ended  
    March 31,  
    2021     2020  
Numerator                
Net loss - before noncontrolling interest   $ (10,110 )   $ (14,911 )
Net loss attributable to noncontrolling interest     679       436  
Net loss - as reported, attributable to PAVmed Inc.   $ (9,431 )   $ (14,475 )
                 
Series B Convertible Preferred Stock dividends - earned(1):   $ (75 )   $ (70 )
                 
Net loss attributable to PAVmed Inc. common stockholders   $ (9,506 )   $ (14,545 )
                 
Denominator                
Weighted average common shares outstanding, basic and diluted(2)     73,954,126       43,499,714  
                 
Loss per share                
Basic and diluted                
Net loss - as reported, attributable to PAVmed Inc.   $ (0.13 )   $ (0.33 )
Net loss attributable to PAVmed Inc. common stockholders   $ (0.13 )   $ (0.33 )

 

The common stock equivalents have been excluded from the computation of diluted weighted average shares outstanding as their inclusion would be anti-dilutive, are as follows:

 

    March 31,  
    2021     2020  
PAVmed Inc. 2014 Equity Plan stock options and restricted stock awards     8,539,362       5,795,195  
Unit purchase options - as to shares of common stock     ---       53,000  
Unit purchase options - as to shares underlying Series Z Warrants     ---       53,000  
Series Z Warrants     15,954,722       16,815,039  
Series W Warrants     381,818       381,818  
Series B Convertible Preferred Stock(3)     1,241,438       1,156,391  
Total     26,117,340       24,254,443  

 

(1) The Series B Convertible Preferred Stock dividends earned as of the each of the respective periods noted, are included in the calculation of basic and diluted net loss attributable to PAVmed Inc. common stockholders for each respective period presented. Notwithstanding, the Series B Convertible Preferred Stock dividends are recognized as a dividend payable only upon the dividend being declared payable by the Company’s board of directors.
   
(2) Basic weighted-average number of shares of common stock outstanding for the three months ended March 31, 2021 and 2020 include the shares of the Company issued and outstanding during such periods, each on a weighted average basis. The basic weighted average number of shares outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for all periods presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive.
   
(3) If converted, at the election of the holder, the shares of Series B Convertible Preferred Stock issued and outstanding would result in the issue of the same number of additional shares of common stock of the Company.