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Earnings (Loss) per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Earnings (Loss) per Share

Note 16 — Earnings (Loss) per Share

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution, if any, that could occur if securities or other contracts to issue common stock were

exercised or converted into common stock, using the more dilutive of the two-class method or if-converted method. Diluted EPS excludes potential shares of common stock if their effect is anti-dilutive. If there is a net loss in any period, basic and diluted EPS are computed in the same manner.

The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common shareholders for the period to be allocated between different classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. We apply the two-class method for EPS when computing net income (loss) per Class A and Class C common shares.

As of June 30, 2021, we have not issued any instruments that were considered to be participating securities. Weighted average shares of Class A and Class C common stock have been combined in the denominator of basic and diluted earnings (loss) per share because they have equivalent economic rights. The following tables set forth the computation of our earnings (loss) per share:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(5.2

)

 

$

(8.5

)

 

$

1.1

 

 

$

(12.1

)

Net income (loss) attributable to common stockholders for basic and diluted EPS

 

$

(5.2

)

 

$

(8.5

)

 

$

1.1

 

 

$

(12.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

77,653,610

 

 

 

70,947,868

 

 

 

75,617,785

 

 

 

70,898,813

 

Dilutive effect of assumed vesting of RSUs and PRSUs

 

 

-

 

 

 

-

 

 

 

388,030

 

 

 

-

 

Dilutive effect of Class A and Class C earnout shares

 

 

-

 

 

 

-

 

 

 

1,022,504

 

 

 

-

 

Diluted weighted average common shares outstanding

 

 

77,653,610

 

 

 

70,947,868

 

 

 

77,028,319

 

 

 

70,898,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.07

)

 

$

(0.12

)

 

$

0.01

 

 

$

(0.17

)

Diluted

 

$

(0.07

)

 

$

(0.12

)

 

$

0.01

 

 

$

(0.17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Two-class method:

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

74,673,332

 

 

 

64,436,575

 

 

 

70,968,631

 

 

 

64,387,520

 

Dilutive effect of assumed vesting of RSUs and PRSUs

 

 

-

 

 

 

-

 

 

 

388,030

 

 

 

-

 

Dilutive effect of Class A earnout shares

 

 

-

 

 

 

-

 

 

 

935,627

 

 

 

-

 

Diluted weighted average common shares outstanding

 

 

74,673,332

 

 

 

64,436,575

 

 

 

72,292,288

 

 

 

64,387,520

 

Proportionate share of net income (loss)

 

$

(5.0

)

 

$

(7.7

)

 

$

1.0

 

 

$

(11.0

)

Class A – basic earnings (loss) per share

 

$

(0.07

)

 

$

(0.12

)

 

$

0.01

 

 

$

(0.17

)

Class A – diluted earnings (loss) per share

 

$

(0.07

)

 

$

(0.12

)

 

$

0.01

 

 

$

(0.17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

2,980,278

 

 

 

6,511,293

 

 

 

4,649,154

 

 

 

6,511,293

 

Dilutive effect of assumed vesting of RSUs and PRSUs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Dilutive effect of Class C earnout shares

 

 

-

 

 

 

-

 

 

 

86,877

 

 

 

-

 

Diluted weighted average common shares outstanding

 

 

2,980,278

 

 

 

6,511,293

 

 

 

4,736,031

 

 

 

6,511,293

 

Proportionate share of net income (loss)

 

$

(0.2

)

 

$

(0.8

)

 

$

0.1

 

 

$

(1.1

)

Class C – basic earnings (loss) per share

 

$

(0.07

)

 

$

(0.12

)

 

$

0.02

 

 

$

(0.17

)

Class C – diluted earnings (loss) per share

 

$

(0.07

)

 

$

(0.12

)

 

$

0.02

 

 

$

(0.17

)

 

The dilutive effect of 0.4 million shares in the three months ended June 30, 2021, and 0.2 million and 0.1 million shares in the three and six months ended June 30, 2020, respectively, was omitted from the calculation of diluted weighted-average shares outstanding and diluted earnings per share because we were in a loss position. The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because milestones were not yet achieved for awards contingent on the achievement of performance milestones:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Warrants on common stock

 

 

-

 

 

 

20,108,744

 

 

 

-

 

 

 

20,108,744

 

RSUs and PRSUs

 

 

1,887,894

 

 

 

1,185,547

 

 

 

782,288

 

 

 

874,508

 

Total antidilutive securities

 

 

1,887,894

 

 

 

21,294,291

 

 

 

782,288

 

 

 

20,983,252