EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

4. 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 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 March 31,
	2025		2024
	(In thousands, except per share data)
Numerator:
Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders	$	(11,742)	$	7,493
Denominator:
Denominator for basic net (loss) income per share - weighted average outstanding shares	44,421,652		48,385,386
Effect of dilutive securities:
Stock options and restricted stock	—		1,536,417
Denominator for diluted net (loss) income per share - weighted-average outstanding shares	44,421,652		49,921,803

Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders per share – basic	$	(0.26)	$	0.15
Net (loss) income attributable to Class A, Class B, Class C and Class D stockholders per share – diluted	$	(0.26)	$	0.15

For the three months ended March 31, 2025 and 2024, there were approximately 5.8 million and 2.3 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.