Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2023

Basic net income (loss) per share measures the performance of an entity over the reporting period. Diluted net income (loss) per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding restricted stock and RSUs.

The following table reflects the allocation of net income (loss) to common stockholders and net income (loss) per share computations for the periods indicated based on a weighted average number of Class A Common Stock and Class B Common Stock outstanding:


	Three Months Ended
(In thousands, except per share data)	March 31, 2023		March 31, 2022
Basic Net Income (Loss) Per Share
Numerator:
Net income (loss) attributable to Liberty Energy Inc. stockholders	$	162,655	$	(5,376)
Denominator:
Basic weighted average common shares outstanding	176,569		183,999
Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders	$	0.92	$	(0.03)
Diluted Net Income (Loss) Per Share
Numerator:
Net income (loss) attributable to Liberty Energy Inc. stockholders	$	162,655	$	(5,376)
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	70		—
Diluted net income (loss) attributable to Liberty Energy Inc. stockholders	$	162,725	$	(5,376)
Denominator:
Basic weighted average shares outstanding	176,569		183,999
Effect of dilutive securities:
Restricted stock units	4,433		—
Class B Common Stock	86		—
Diluted weighted average shares outstanding	181,088		183,999
Diluted net income (loss) per share attributable to Liberty Energy Inc. stockholders	$	0.90	$	(0.03)

In accordance with GAAP, diluted weighted average common shares presented above do not include certain weighted average shares of Class B Common Stock and restricted stock units, because to do so would have had an antidilutive effect, as follows:


	Three Months Ended
(In thousands)	March 31, 2023	March 31, 2022
Weighted average shares of Class B Common Stock	—	2,092
Weighted average shares of restricted stock units	—	4,745