4. NON-CONTROLLING INTEREST AND INCOME (LOSS) PER SHARE

Historical income (loss) per share information is not applicable for reporting periods prior to the consummation of the IPO. Net income (loss) attributable to common shareholders is the net income (loss) recorded by the Company based on its interest in Focus LLC during the respective period after the IPO.

The calculation of controlling and non-controlling interest is as follows as of June 30, 2019:


Focus LLC common units held by continuing owners	22,308,446
Common unit equivalents of outstanding vested and unvested incentive units held by continuing owners(1)	5,125,588
Total common units and common unit equivalents attributable to non-controlling interest	27,434,034
Total common units and common unit equivalents of incentive units outstanding	74,550,851
Non-controlling interest allocation	36.8	%
Company’s interest in Focus LLC	63.2	%

(1)

Focus LLC common units issuable upon conversion of 17,830,564 (see Note 9) vested and unvested Focus LLC incentive units was calculated using the common unit equivalent of vested and unvested Focus LLC incentive units based on the closing price of the Company’s Class A common stock on the last trading day of the period.

The below table contains a reconciliation of net income to net income (loss) attributable to common shareholders:


	Three Months		Six Months
	Ended		Ended
	June 30, 2019		June 30, 2019
Net income	$	3,102	$	274
Non-controlling interest		(2,306)		(2,420)
Net income (loss) attributable to common shareholders	$	796	$	(2,146)

The calculation of basic and diluted income (loss) per share is described below:

Basic income (loss) per share is calculated utilizing net income (loss) attributable to common shareholders for the three and six months ended June 30, 2019 divided by the weighted average number of shares of Class A common stock outstanding during the same periods:


	Three Months		Six Months
	Ended		Ended
	June 30, 2019		June 30, 2019
Basic income (loss) per share:
Net income (loss) attributable to common shareholders	$	796	$	(2,146)
Weighted average shares of Class A common stock outstanding		46,696,200		46,455,238
Basic income (loss) per share	$	0.02	$	(0.05)

Diluted income (loss) per share is calculated utilizing net income (loss) attributable to common shareholders for the three and six months ended June 30, 2019 divided by the weighted average number of shares of Class A common stock outstanding during the same periods plus the effect, if any, of the potentially dilutive shares of the Company’s Class A common stock from stock options and unvested Class A common stock as calculated using the treasury stock method:


	Three Months		Six Months
	Ended		Ended
	June 30, 2019		June 30, 2019
Diluted income (loss) per share:
Net income (loss) attributable to common shareholders	$	796	$	(2,146)
Weighted average shares of Class A common stock outstanding		46,696,200		46,455,238
Effect of dilutive stock options		—		—
Effect of dilutive unvested Class A common stock		25,359		—
Total		46,721,559		46,455,238
Diluted income (loss) per share	$	0.02	$	(0.05)

Diluted loss per share for the six months ended June 30, 2019 excludes incremental shares of 16,607 related to unvested Class A common stock since the effect would be antidilutive due to the net loss for the period. Diluted income (loss) per share for the three and six months ended June 30, 2019 excludes shares related to 155,000 market-based stock options that vest on the fifth anniversary of the pricing of the IPO if the volume weighted average per share price for any ninety-calendar day period within such five-year period immediately following the pricing of the IPO reaches at least $100. Such market-based criteria were not met at June 30, 2019.