Numerator:

Net income (loss) attributable to AXT, Inc.

$

11,128

$

(7,008

)

$

9,508

$

(15,806

)

Less: Preferred stock dividends

(44

)

(44

)

(88

)

(88

)

Net income (loss) available to common stockholders

$

11,084

$

(7,052

)

$

9,420

$

(15,894

)

Denominator:

Denominator for basic net income (loss) per share - weighted-average common shares

61,227

43,710

57,274

43,630

Effect of dilutive securities:

Common stock options

497

—

555

—

Restricted stock awards

1,750

—

1,813

—

Denominator for dilutive net loss per common shares

63,474

43,710

59,642

43,630

Net income (loss) attributable to AXT, Inc. per common share:

Basic

$

0.18

$

(0.16

)

$

0.16

$

(0.36

)

Diluted

$

0.17

$

(0.16

)

$

0.16

$

(0.36

)

Options excluded from diluted net income (loss) per share as the impact is anti-dilutive

—

1,175

—

1,175

Restricted stock excluded from diluted net income (loss) per share as the impact is anti-dilutive

1

2,289

3

2,289