Earnings (Loss) Per Class A Share

3 Months Ended

Mar. 31, 2020

(LOSS) EARNINGS PER CLASS A SHARE

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

For the three months ended March 31, 2020 and 2019, the Company included 566,136 and 184,254 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 (loss) earnings per Class A Share.

When calculating dilutive (loss) earnings 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 (loss) earnings per Class A Share, as the applicable market performance conditions have not yet been met as of March 31, 2020.

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


Three Months Ended March 31, 2020	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	$	(28,267)	22,304,713	$	(1.27)
Effect of dilutive securities:
Group A Units	(20,416)		16,014,635			—
Group E Units	—		—			13,450,821
RSUs	—		—			4,169,785
Diluted	$	(48,683)	38,319,348	$	(1.27)


Three Months Ended March 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	$	37,083	20,475,359	$	1.81
Effect of dilutive securities:
Group A Units	—		—			20,039,945
Group E Units	—		1,016,611			—
RSUs	—		—			4,606,223
Diluted	$	37,083	21,491,970	$	1.73