Pandora 2016 Annual Report Download - page 113
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The following table sets forth the computation of historical basic and diluted net loss per share:
€
Eleven Months Ended€
€December 31,
Twelve Months Ended€
€December 31,
2013 2014 2015
(in thousands except per share amounts)
Numerator
Net loss $(27,017) $ (30,406) $ (169,661)
Denominator
Weighted-average common shares
outstanding used in€computing basic
and diluted net loss per share 180,968 205,273 213,790
Net loss per share, basic and diluted $(0.15) $ (0.15) $ (0.79)
€
The following potential common shares outstanding were excluded from the computation of diluted net loss per share
because including them would have been anti-dilutive:
€
As of December 31,
2013
As of December 31,
2014
As of December 31,
2015
(in thousands)
Options to purchase common stock 22,708 10,980 12,816
Restricted stock units 10,366 11,024 17,272
Market stock units — — 776
Total common stock equivalents 33,074 22,004 30,864
On December 9, 2015, we completed an offering of our 1.75% convertible senior notes due 2020. Under the treasury
stock method, the Notes will generally have a dilutive impact on earnings per share if our average stock price for the period
exceeds approximately $16.42 per share of our common stock, the conversion price of the Notes. For the period from the
issuance of the offering of the Notes through December€31, 2015, the conversion feature of the Notes was anti-dilutive.
In connection with the pricing of the Notes, we entered into capped call transactions which increase the effective
conversion price of the Notes, and are designed to reduce potential dilution upon conversion of the Notes. Since the beneficial
impact of the capped call is anti-dilutive, it is excluded from the calculation of earnings per share. Refer to Note 7 "Debt
Instruments" for further details regarding our Notes.
Table of Contents
Pandora Media,€Inc.
Notes to Consolidated Financial Statements - Continued
102