Local Bounti Corporation 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

Net Loss Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

10. Net Loss Per Share

Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. In computing net loss per share, the Company’s unvested restricted common stock and warrants are not considered participating securities. Diluted loss per common share is the same as basic loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Diluted net loss per common share adjusts basic net loss per share attributable to ordinary shareholders to give effect to all potential ordinary shares that were dilutive and outstanding during the period. For the three and six months ended June 30, 2022 and 2021, no instrument was determined to have a dilutive effect under the treasury method.

The following table sets forth the computation of the Company’s net loss per share attributable to stockholders (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net loss	$	(31,663	)	$	(7,590	)	$	(57,435	)	$	(16,988	)
Weighted average common stock outstanding, basic and diluted		88,607,316			49,131,555			84,830,885			49,131,555

Net loss per common share, basic and diluted	$	(0.36	)	$	(0.15	)	$	(0.68	)	$	(0.35	)

The following table presents the shares outstanding that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
CIC Restricted Stock		5,270,769		11,031,294		5,332,835		10,347,458
Convertible Notes		—		2,824,167		—		1,699,657
Warrants		11,539,296		297,450		11,539,301		164,337

14. Net Loss Per Share

Net loss per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. In computing net loss per share, the Company’s unvested restricted common stock and warrants are not considered participating securities. Diluted loss per common share is the same as basic loss per common share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Diluted net loss per common share adjusts basic net loss per share attributable to ordinary shareholders to give effect to all potential ordinary shares that were dilutive and outstanding during the period. For the year ended December 31, 2021 and 2020, no instrument was determined to have a dilutive effect.

Net loss per share calculations for all periods prior to the Business Combination have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse capitalization. Subsequent to the Business Combination, net loss per share was calculated based on weighted average number of shares of common stock then outstanding.

The following table sets forth the computation of the Company’s net loss per share attributable to stockholders:


	Year Ended December 31, (in thousands, except share and per share data)
	2021				2020
Net loss	$	(56,093	)	$		(8,409	)
Weighted average common stock outstanding, basic and diluted		52,888,268				49,676,523

Net loss per common share, basic and diluted	$	(1.06	)	$		(0.17	)

The following table discloses the weighted-average shares outstanding of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive:


	Year Ended December 31,
	2021		2020

CIC Restricted Stock		9,876,930		654,960
Warrants		1,556,628		—