(Loss) Earnings Per Class A Share

6 Months Ended

Jun. 30, 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 June 30, 2020 and 2019, the Company included 557,070 and 164,777 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. For the six months ended June 30, 2020 and 2019, the Company included 561,603 and 174,461 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 June 30, 2020.

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


Three Months Ended June 30, 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	$	(25,239)	22,590,084	$	(1.12)
Effect of dilutive securities:
Group A Units	(42,982)		16,019,506			—
Group E Units	—		—			13,450,821
RSUs	—		—			4,278,779
Diluted	$	(68,221)	38,609,590	$	(1.77)


Three Months Ended June 30, 2019	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	$	(8,625)	$	20,722,510	$	(0.42)
Effect of dilutive securities:
Group A Units	(8,146)		15,991,502				—
Group E Units	—		—				13,541,818
RSUs	—		—				4,882,433
Diluted	$	(16,771)	$	36,714,012	$	(0.46)


Six Months Ended June 30, 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	$	(53,506)	22,447,399	$	(2.38)
Effect of dilutive securities:
Group A Units	(63,398)		16,017,071			—
Group E Units	—		—			13,450,821
RSUs	—		—			4,224,282
Diluted	$	(116,904)	38,464,470	$	(3.04)


Six Months Ended June 30, 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	$	28,458	20,599,616	$	1.38
Effect of dilutive securities:
Group A Units	—		—			18,018,619
Group E Units	—		5,291,581			—
RSUs	—		50,908			—
Diluted	$	28,458	25,942,105	$	1.10