EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE

Basic and diluted earnings per share (“EPS”) attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights.

The undistributed earnings or losses are allocated based on the contractual participation rights of the Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method.

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
Numerator:
Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders	$	(45,431)	$	70,366	$	(37,938)	$	67,444
Denominator:
Weighted-average outstanding shares	48,483,639		47,629,163		48,434,513		47,514,722
Effect of dilutive securities:
Stock options and restricted stock	—		2,987,272		—		2,858,992
Weighted-average outstanding shares	48,483,639		50,616,435		48,434,513		50,373,714

EPS attributable to Class A, Class B, Class C and Class D stockholders per share – basic	$	(0.94)	$	1.48	$	(0.78)	$	1.42
EPS attributable to Class A, Class B, Class C and Class D stockholders per share – diluted	$	(0.94)	$	1.39	$	(0.78)	$	1.34

For the three and six months ended June 30, 2024, there were approximately 6.3 million and 5.1 million potentially dilutive securities, respectively, that were not included in the computation of diluted EPS, because to do so would have been antidilutive for the periods presented. For the three and six months ended June 30, 2023 there were no material potentially antidilutive securities excluded from the computation of diluted EPS.