Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

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Net Income (Loss) Per Share
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
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 June 30, Six Months Ended June 30,
2024 2023 2024 2023
Numerator:
Net income (loss) $ (1,374) $ (14,665) $ 482  $ (31,986)
Less: Net income (loss) attributable to non-controlling interests (892) (10,437) 415  (22,958)
Net income (loss) attributable to Class A Common Stock - basic and diluted $ (482) $ (4,228) $ 67  $ (9,028)
Denominator:
Weighted-average shares of Class A Common Stock outstanding - Basic 68,209,081  58,741,717  67,260,724  58,607,290 
Weighted-average effect of dilutive securities:
Options —  16,411 
RSUs —  —  489,278  — 
Incentive Units —  564,971 
Employee Stock Purchase —  —  1,876  — 
Weighted-average shares of Class A Common Stock outstanding - Diluted 68,209,081  58,741,717  68,333,260  58,607,290 
Net income (loss) per share attributable to Class A common stockholders, basic $ (0.01) $ (0.07) $ —  $ (0.15)
Net income (loss) per share attributable to Class A common stockholders, diluted $ (0.01) $ (0.07) $ —  $ (0.15)

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 June 30, Six Months Ended June 30,
2024 2023 2024 2023
Stock options 5,407,036  2,608,905  5,207,383  2,608,905 
Common Units 142,568,263  151,044,097  142,568,263  151,044,097 
RSUs 2,407,540  1,762,189  271,124  1,762,189 
PSUs 8,462,412  8,462,412  8,462,412  8,462,412 
Incentive Units 1,187,537  14,210  1,187,537  14,210 
Employee Stock Purchase 72,716  95,309  —  95,309 
Total units excluded from computation of diluted net income (loss) per share 160,105,504  163,987,122  157,696,719  163,987,122