BlackSky Technology Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Net Loss Per Share of Common Stock

Net Loss Per Share of Common Stock

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share of Common Stock

16.	Net Income/(Loss) Per Share of Common Stock

The following table includes the calculation of basic and diluted net income/(loss) per share:


	Six Months Ended June 30,
	2021			2020

	(in thousands except per share information)
Loss from continuing operations	$	(203,119	)	$	(23,683	)
(Loss) / gain from discontinued operation		(1,022	)		28,960

Net (loss) / income available to common stockholders	$	(204,141	)	$	5,277

Basic and diluted net loss per share - continuing operations	$	(0.69	)	$	(0.31	)
Basic and diluted net income per share - discontinued operations		—			0.37

Basic and diluted net (loss) / income per share	$	(0.69	)	$	0.06

Shares used in the computation of basic and diluted net (loss)/income per share		294,224			77,371

The following potentially dilutive securities were not included in the calculation of weighted average common shares outstanding, as their effect would have been anti-dilutive during the six months ended June 30, 2021 and 2020:


	June 30,
	2021		2020

	(in thousands)
Series A redeemable convertible preferred stock		8,652		8,652
Series B and B-1 redeemable convertible preferred stock		28,495		28,495
Series C redeemable convertible preferred stock		41,908		41,908
Restricted common stock		6,361		13,951
Restricted stock units		98,100		—
Common stock warrants		122,986		134,996
2021 Convertible Bridge Notes as converted in common stock		86,290		—
Class A Common Stock warrants (as exercised for Class A Common Stock) treated as liability		42,945		—
Class A Common Stock warrants (as exercised for Class A Common Stock) treated as liability in connection with the Rights Offering		565		—
Common stock issuable for consent fees		3,456		—
Series B preferred stock warrants		1,055		1,055
Series C preferred stock warrants		203		203
Stock options		28,980		40,916

17.	Net Loss Per Share of Common Stock

The Company follows the

two-class

method when computing net loss per share of

ommon

tock

because it has issued securities, other than Class A

Common Stock

, that contractually entitle the holders to participate in dividends and earnings. These participating securities include the Company’s restricted

common stock, which has

non-forfeitable

rights to participate in any dividends declared on the Company’s Class A

Common Stock

. The

two-class

method requires all earnings for the period to be allocated between Class A

Common Stock

and participating securities based upon their respective rights to receive distributed and undistributed earnings. The Company’s Class B common stock does not participate in dividends and, therefore, is not included in calculations of net loss per share.

Under the

two-class

method, for periods with net income, basic net income per Class A

Common Stock

is calculated by dividing the net income attributable to common stockholders by the weighted average number of shares of Class A

Common Stock

outstanding during the period. Net income attributable to common stockholders is calculated by subtracting from net income the portion of current year earnings that the participating securities would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss, as the holders of the participating securities have no obligation to fund losses.

Diluted net income per Class A common share is computed under the

two-class

method by using the weighted average number of shares of Class A

Common Stock

outstanding plus, for periods with net income attributable to common stockholders, the potential dilutive effects of unvested restricted stock, stock options, warrants, and preferred stock.

Due to net losses for the years ended December 31, 2020 and 2019, basic and diluted net loss per share were the same, as the effect of potentially dilutive securities would have been anti-dilutive to loss per share from continuing operations.

The following table includes the calculation of basic and diluted net income/(loss) per share:


	Year Ended December 31,
	2020			2019
	(in thousands except per share information)
Loss from continuing operations	$	(47,720	)	$	(59,985	)
Income/(loss) from discontinued operations		28,185			(6,160	)

Net loss available to common stockholders	$	(19,535	)	$	(66,145	)

Basic and diluted net loss per share - continuing operations	$	(0.55	)	$	(2.23	)
Basic and diluted net income/(loss) per share - discontinued operations		0.32			(0.23	)

Basic and diluted net loss per share - total	$	(0.23	)	$	(2.46	)

Shares used in computation of basic and diluted net income/(loss) per share		87,479			26,942


	December 31,
	2020		2019
	(in thousands)
Series A redeemable convertible preferred stock		8,652		8,652
Series B and B-1 redeemable convertible preferred stock		28,495		28,495
Series C redeemable convertible preferred stock		41,908		39,824
Restricted common stock		9,767		—
Common stock warrants		134,996		126,662
Series B preferred stock warrants		1,055		1,055
Series C preferred stock warrants		203		8,541
Stock options		38,258		42,276