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

6 Months Ended

Jun. 30, 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 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