Earnings Per Share

12 Months Ended

Dec. 31, 2020

Note 12—Earnings Per Share

Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent restricted stock awards in which the recipients have non-forfeitable rights to dividend equivalents during the performance period.

The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

	For the Year Ended December 31,
	2020			2019			2018
Numerator:
Net income attributable to common stockholders - basic	$	7,700		$	20,419		$	36,966
Plus: Net income attributable to non-controlling interests, net of taxes		2,236			12,936			8,487
Less: Earnings allocated to participating securities		(64	)		(115	)		-
Net income attributable to common stockholders - diluted	$	9,872		$	33,240		$	45,453
Denominator:
Weighted average shares outstanding - basic		46,031			45,893			45,855
Effect of dilutive securities		40,000			40,000			40,000
Weighted average shares outstanding - diluted		86,031			85,893			85,855

Net income per common share - basic	$	0.17		$	0.44		$	0.81
Net income per common share - diluted	$	0.11		$	0.39		$	0.53

The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods (in thousands):

	For the Year Ended December 31,
	2020		2019		2018

Warrants		21,250		21,250		21,250

Diluted net income per share also excludes the effects of OpCo Common Units (and related Class C Common Stock) associated with the earn-out, which are convertible into Class A Common Stock, and the PSUs because each are considered contingently issuable shares and the conditions for issuance were not satisfied as of December 31, 2020.