Orion Office REIT Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Note 14 - Net Income (Loss) Per Share

The computation of basic and diluted earnings per share is as follows for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(16,507)	$	(53,029)	$	(41,096)	$	(78,481)
Income attributable to non-controlling interest	(12)		(18)		(38)		(43)
Net loss available to common stockholders used in basic and diluted net income per share	(16,519)		(53,047)		(41,134)		(78,524)

Weighted average shares of common stock outstanding - basic	56,543,379		56,635,038		56,621,362		56,630,086
Effect of dilutive securities (1)	—		—		—		—
Weighted average shares of common stock - diluted	56,543,379		56,635,038		56,621,362		56,630,086

Basic and diluted net loss per share attributable to common stockholders	$	(0.29)	$	(0.94)	$	(0.73)	$	(1.39)

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(1)As of September 30, 2023 and 2022, there were no adjustments to the weighted average common shares outstanding used in the diluted calculation given that all potentially dilutive shares were anti-dilutive.

The following were excluded from diluted net loss per share attributable to common stockholders, as the effect would have been antidilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average unvested Time-Based RSUs (1)	25,559	—	3,337	—
Weighted average stock warrants	1,120,000	1,120,000	1,120,000	1,120,000

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(1)Net of assumed repurchases in accordance with the treasury stock method and exclude Performance-Based RSUs for which the performance thresholds have not been met by the end of the applicable reporting period.