Earnings (Loss) Per Class A Share

12 Months Ended

Dec. 31, 2019

EARNINGS (LOSS) PER CLASS A SHARE

Basic earnings (loss) per Class A Share is computed by dividing the net income (loss) attributable to Class A Shareholders by the weighted-average number of Class A Shares outstanding for the period.

For the years ended December 31, 2019, 2018 and 2017, the Company included 180,444, 142,512 and 110,373 RSUs respectively, that have vested but have not been settled in Class A Shares in the weighted-average Class A Shares outstanding used to calculate basic and diluted earnings (loss) per Class A Share.

When calculating dilutive earnings (loss) per Class A Share, the Company applies the treasury stock method to unvested RSUs and the if-converted method to vested Group A Units and Group E Units. The Company applies the treasury stock method to unvested Group A Units and Group E Units and the if-converted method on the resulting number of units that would be issued. The Company did not include the Group P Units or PSUs in the calculations of dilutive earnings (loss) per Class A Share, as the applicable market performance conditions have not yet been met as of December 31, 2019.

The following tables present the computation of basic and diluted earnings per Class A Share:


Year Ended December 31, 2019	Net Income Attributable to Class A Shareholders		Weighted- Average Class A Shares Outstanding	Earnings Per Class A Share		Number of Antidilutive Units Excluded from Diluted Calculation

	(dollars in thousands, except per share amounts)
Basic	$	51,418	20,773,493	$	2.48
Effect of dilutive securities:
Group A Units	21,469		16,976,983			—
Group E Units	—		7,817,696			—
RSUs	—		732,518			—
Diluted	$	72,887	46,300,690	$	1.57


Year Ended December 31, 2018	Net Loss Attributable to Class A Shareholders		Weighted- Average Class A Shares Outstanding	Loss Per Class A Share		Number of Antidilutive Units Excluded from Diluted Calculation

	(dollars in thousands, except per share amounts)
Basic	$	(24,284)	19,270,929	$	(1.26)
Effect of dilutive securities:
Group A Units	—		—			26,073,057

RSUs	—		—			4,826,130
Diluted	$	(24,284)	19,270,929	$	(1.26)


Year Ended December 31, 2017	Net Income Attributable to Class A Shareholders		Weighted- Average Class A Shares Outstanding	Earnings Per Class A Share		Number of Antidilutive Units Excluded from Diluted Calculation

	(dollars in thousands, except per share amounts)
Basic	$	18,222	18,642,379	$	0.98
Effect of dilutive securities:
Group A Units	—		—			27,230,147
RSUs	—		75,797			—
Diluted	$	18,222	18,718,176	$	0.97