12. Net Loss per Common Share

Basic and diluted net loss per share attributed to common stockholders is calculated by dividing the net loss attributed to Fortress (less the Series A Preferred dividends) by the weighted-average number of shares of Common Stock outstanding during the period, without consideration for Common Stock equivalents. Diluted net loss per share is the same as the basic loss per share due to net losses in all periods.

The Company updated its presentation of net loss attributable to common stockholders and its net loss per share as an immaterial correction to reflect the preferred stock dividend which is $2.0 million per quarter.  The dividend was appropriately reflected in the statement of changes in stockholders’ equity (deficit) and statement of cash flows and are not impacted by this change in presentation. For the quarter ended March 31, 2023, the net loss attributable to Fortress increased from ($21.5) million to ($23.5) million and the net loss per share increased from ($.21) to ($.23) per share.  For the quarter ended March 31, 2022, the net loss attributable to Fortress increased from ($15.8) million to ($17.8) million and the net loss per share increased from ($.18) to ($.21) per share. For the quarter ended June 30, 2022, the net loss attributable to Fortress increased from ($21.4) million to ($23.4) million and the net loss per share increased from ($.24) to ($.26) per share.  For the six months ended June 30, 2022, the net loss attributable to Fortress increased from ($37.1) million to ($41.1) million and the net loss per share increased from ($.42) to ($.47) per share.   

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The following shares of potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding, as the effect of including such securities would be anti-dilutive for the six months ended June 30, 2023:

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