| 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. |
|