Net (Loss) Income Per Common Share

12 Months Ended

Dec. 31, 2023

Net Income (Loss) Per Common Share [Abstract]

Net (Loss) Income Per Common Share

16. Net (Loss) Income Per Common Share

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings (loss) per share for the periods presented (in thousands, except per share amounts):

		Years Ended December 31,
		2023				2022				2021
Numerator:
Net (loss) income attributable to Purple Innovation, Inc. – basic		$	(120,757	)		$	(92,470	)		$	3,114
Less: Dilutive effect of change in fair value – warrant liabilities			—				—				(24,054	)
Less: Net loss attributable to noncontrolling interest			(458	)			—				(166	)
Net loss attributable to Purple Innovation, Inc. – diluted		$	(121,215	)		$	(92,470	)		$	(21,106	)
Denominator
Weighted average shares – basic			103,602				81,779				65,928
Add: Dilutive effect of warrants			—				—				920
Add: Dilutive effect of Class B shares			334				—				454
Weighted average shares – diluted			103,936				81,779				67,302
Net (loss) income per common share:
Basic		$	(1.17	)		$	(1.13	)		$	0.05
Diluted		$	(1.17	)		$	(1.13	)		$	(0.31	)

For the year ended December 31, 2023, the Company excluded 3.9 million shares of Class A common stock issuable upon conversion of certain warrants, stock options and restricted stock as the effect was anti-dilutive. For the year ended December 31, 2022, the Company excluded 3.5 million of Class A common shares issuable upon conversion of certain warrants, stock options, restricted stock and Class A shares subject to vesting, and 0.4 million of Paired Securities convertible into shares of Class A common stock as their effect was anti-dilutive. For the year ended December 31, 2021, the Company excluded 2.6 million shares of Class A common stock issuable upon conversion of certain stock options, restricted stock and Class A shares subject to vesting as the effect was anti-dilutive.