Net loss from continuing operations per share attributable to common stock is computed by dividing the net loss from continuing operations attributable to common stock by the weighted-average number of common shares outstanding. We have outstanding stock options, restricted stock units, options to purchase shares under our ESPP, convertible preferred stock, and convertible senior notes, which are considered in the calculation of diluted net loss from continuing operations per share whenever doing so would be dilutive.

We calculate basic and diluted net loss from continuing operations per share attributable to common stock in conformity with the two-class method required for companies with participating securities. We consider our convertible preferred stock to be participating securities. Under the two-class method, net loss from continuing operations attributable to common stock is not allocated to the preferred stock as its holders do not have a contractual obligation to share in losses, as discussed in Note 11.

The calculation of basic and diluted net loss from continuing operations per share attributable to common stock was as follows:


	Three Months Ended March 31,
	2024		2023
Numerator:
Net loss from continuing operations	$	(66,774)	$	(57,310)
Dividends on convertible preferred stock	(233)		(226)

Net loss from continuing operations attributable to common stock—basic and diluted	$	(67,007)	$	(57,536)
Denominator:
Weighted-average shares—basic and diluted(1)	118,364,267		110,103,598



Net loss from continuing operations per share attributable to common stock—basic and diluted	$	(0.57)	$	(0.52)

(1) Basic and diluted weighted-average shares outstanding include (i) common stock earned but not yet issued related to share-based dividends on our convertible preferred stock, and (ii) restricted stock units that have vested but whose settlement into common stock were deferred at the option of certain non-employee directors.

The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss from continuing operations per share for the periods presented because their effect would have been anti-dilutive:


	Three Months Ended March 31,
	2024	2023
2023 notes as if converted	—	769,623
2025 notes as if converted(1)	1,998,654	5,054,851
2027 notes as if converted(1)	5,379,209	6,147,900
Convertible preferred stock as if converted	2,040,000	2,040,000
Stock options outstanding	2,372,110	3,235,085
Restricted stock units outstanding(2)(3)	13,417,675	15,026,404
Employee stock purchase plan	348,986	1,422,936
Total	25,556,634	33,696,799

(1) Based on the closing price of our common stock of $6.65 on March 31, 2024, the if-converted values of both convertible notes were less than the principal amounts.

(2) Excludes 1,735,913 incremental PSUs that could vest, assuming applicable performance criteria and market conditions are achieved at 200% of target, which is the maximum achievement level. See Note 11 for additional information regarding PSUs.