Earnings (Loss) per Common Share

9 Months Ended

Sep. 30, 2020

The calculation of basic and diluted earnings (loss) per share (EPS) was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands, except per share data)
Basic earnings (loss) per Class A common share
Numerator:
Net (loss) income	$	(2,992)	$	(531)	$	47,147	$	98,204
Amount attributable to unvested Walmart restricted shares	43		—		(742)		—
Net (loss) income allocated to Class A common stockholders	$	(2,949)	$	(531)	$	46,405	$	98,204
Denominator:
Weighted-average Class A shares issued and outstanding	52,635		51,595		52,269		52,405
Basic (loss) earnings per Class A common share	$	(0.06)	$	(0.01)	$	0.89	$	1.87

Diluted earnings (loss) per Class A common share
Numerator:
Net (loss) income allocated to Class A common stockholders	$	(2,949)	$	(531)	$	46,405	$	98,204
Re-allocated earnings	(1)		—		16		—
Diluted net (loss) income allocated to Class A common stockholders	$	(2,950)	$	(531)	$	46,421	$	98,204
Denominator:
Weighted-average Class A shares issued and outstanding	52,635		51,595		52,269		52,405
Dilutive potential common shares:
Stock options	426		83		208		130
Restricted stock units	751		199		658		463
Performance-based restricted stock units	231		373		298		413
Employee stock purchase plan	39		45		22		63
Diluted weighted-average Class A shares issued and outstanding	54,082		52,295		53,455		53,474
Diluted (loss) earnings per Class A common share	$	(0.06)	$	(0.01)	$	0.87	$	1.84

The restricted shares issued to Walmart contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing EPS pursuant to the two-class method. The computation above excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator.

For the periods presented, we excluded certain restricted stock units and stock options outstanding (as applicable), which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive. Additionally, we have excluded any performance-based restricted stock units and performance-based stock options where the performance contingency has not been met as of the end of the period. The following table shows the weighted-average number of shares excluded from the diluted EPS calculation as their effects were anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
	(In thousands)
Class A common stock
Options to purchase Class A common stock	947	—	488	—
Restricted stock units	133	476	175	314
Performance-based restricted stock units	460	752	292	466
Unvested Walmart restricted shares	759	—	836	—
Total	2,299	1,228	1,791	780