Aspirational Consumer Lifestyle Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

NET LOSS PER SHARE

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2022

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net loss attributable to Wheels Up Experience Inc. - basic and diluted	$	(92,760)	$	(26,156)	$	(181,413)	$	(55,565)
Denominator:
Weighted-average shares of Class A common stock outstanding - basic and diluted	244,086		169,024		244,347		168,936
Basic and diluted net loss per share of Class A common stock	$	(0.38)	$	(0.15)	$	(0.74)	$	(0.33)

There were no dividends declared or paid for each of the three and six months ended June 30, 2022 or 2021.

Basic and diluted net loss per share were computed using the two-class method. Shares of unvested restricted stock are considered participating securities, because these awards contain a non-forfeitable right to participate equally in any dividends prior to forfeiture of the restricted stock, if any, irrespective of whether the awards ultimately vest. All issued and outstanding shares of restricted stock are included in the weighted-average shares of Class A common stock outstanding.

WUP profits interests held by other members of MIP LLC are not subject to the net loss per share calculation until such time the vested WUP profits interests are actually exchanged for shares of Class A common stock.

The following securities were not included in the computation of diluted shares outstanding, because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Warrants	12,521,494	—	12,521,494	—
Earnout Shares	9,000,000	—	9,000,000	—
RSUs(1)	22,574,086	—	22,574,086	—
Stock options	15,943,297	16,234,297	15,943,297	16,234,297
Total anti-dilutive securities	60,038,877	16,234,297	60,038,877	16,234,297

(1) Includes RSUs, PSUs and CEO Market-Based RSUs outstanding as of June 30, 2022.