Black Rifle Coffee Company 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

3 Months Ended

Mar. 31, 2024

Basic net income (loss) per share is calculated by dividing net income (loss) attributable to Class A Common Stock by the weighted-average shares of Class A Common Stock outstanding without consideration for potential dilutive securities. Diluted net income (loss) per share represents basic net income (loss) per share adjusted to include the potentially dilutive effect of outstanding unvested share awards, warrants, Common Units and Restricted Common Units that are exchangeable into shares of Class A Common Stock. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to Class A Common Stock by the weighted-average number of shares of Class A Common Stock outstanding for the period determined using the treasury stock method and if-converted method, as applicable. Shares of Class B Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted income (loss) per share of Class B Common Stock under the two-class method has not been presented.

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except unit/share and per unit/share amounts, unaudited):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net income (loss)	$	1,855	$	(17,321)
Less: Net income (loss) attributable to non-controlling interests	1,307		(12,521)
Net income (loss) attributable to Class A Common Stock - basic and diluted	$	548	$	(4,800)

Denominator:
Weighted-average shares of Class A Common Stock outstanding - Basic	66,312,366		58,159,223
Weighted-average effect of dilutive securities:
RSUs	283,453		—
Employee Stock Purchase	1,807		—
Weighted-average shares of Class A Common Stock outstanding - Diluted	66,597,626		58,159,223

Net income (loss) per share attributable to Class A common stockholders, basic	$	0.01	$	(0.08)
Net income (loss) per share attributable to Class A common stockholders, diluted	$	0.01	$	(0.08)

The Company excluded the following potentially dilutive securities, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to Class A common shareholders because including them would have had an antidilutive effect:


	Three Months Ended March 31,
	2024	2023
Stock options	5,557,636	896,202
Common Units	145,079,865	153,156,442
RSUs	287,420	923,521
PSUs	8,462,412	8,462,412
Incentive Units	8,585	14,210
Employee Stock Purchase	76,476	95,309
Total units excluded from computation of diluted net income (loss) per share	159,472,394	163,548,096