Basic and diluted net loss per share is computed by dividing the net loss attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive shares. For all periods presented, potentially dilutive shares are excluded from diluted net loss per share because they have an anti-dilutive impact. Therefore, basic and diluted net loss per share attributable to Class A common stockholders are the same for all periods presented. Net loss for all periods presented is attributable only to Class A common stockholders, due to no activity related to convertible preferred stock during those periods.


	For the years ended December 31,
	2022		2021		2020

	(in millions, except number of shares, which are reflected in thousands, and per share amounts)
Numerator:
Net loss	$	(2,894)	$	(287)	$	(462)
Net loss attributable to non-controlling interests	(1,307)		(152)		(291)


Net loss attributable to Carvana Co. Class A common stockholders, basic and diluted	$	(1,587)	$	(135)	$	(171)
Denominator:
Weighted-average shares of Class A common stock outstanding	100,848		82,839		65,074
Nonvested weighted-average restricted stock awards	(20)		(34)		(93)
Weighted-average shares of Class A common stock outstanding, basic and diluted	100,828		82,805		64,981
Net loss per share of Class A common stock, basic and diluted	$	(15.74)	$	(1.63)	$	(2.63)

Shares of Class B common stock do not share in the losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net loss per share of Class B common stock under the two-class method has not been presented.

The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net loss per share of Class A common stock for the years ended December 31, 2022, 2021, and 2020:


	For the years ended December 31,
	2022	2021	2020
	(in thousands)

Options (1)	1,265	1,066	1,072
Restricted Stock Units and Awards (1)	64	666	757
Class A Units (2)	82,963	89,773	100,700
Class B Units (2)	1,559	2,217	3,321

(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive.

(2) Represents the weighted-average as-converted LLC units that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.