Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2022

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 March 31, 2022, 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 March 31,
	2022			2021
Numerator:
Net income (loss)	$	(14.1	)	$	6.3
Net income (loss) attributable to common stockholders for basic and diluted EPS	$	(14.1	)	$	6.3

Denominator:
Basic weighted average common shares outstanding		81,573,467			73,559,340
Dilutive effect of assumed vesting of RSUs and PRSUs		-			632,804
Dilutive effect of Class A and Class C earnout shares		-			2,056,370
Diluted weighted average common shares outstanding		81,573,467			76,248,514

Earnings (loss) per share attributable to common stockholders
Basic	$	(0.17	)	$	0.09
Diluted	$	(0.17	)	$	0.08

Two-class method:
Class A Common Stock
Basic weighted average common shares outstanding		78,652,368			67,222,766
Dilutive effect of assumed vesting of RSUs and PRSUs		-			632,804
Dilutive effect of Class A earnout shares		-			1,881,651
Diluted weighted average common shares outstanding		78,652,368			69,737,221
Proportionate share of net income (loss)	$	(13.6	)	$	5.8
Class A – basic earnings (loss) per share	$	(0.17	)	$	0.09
Class A – diluted earnings (loss) per share	$	(0.17	)	$	0.08

Class C Common Stock
Basic weighted average common shares outstanding		2,921,099			6,336,574
Dilutive effect of assumed vesting of RSUs and PRSUs		-			-
Dilutive effect of Class C earnout shares		-			174,719
Diluted weighted average common shares outstanding		2,921,099			6,511,293
Proportionate share of net income (loss)	$	(0.5	)	$	0.5
Class C – basic earnings (loss) per share	$	(0.17	)	$	0.08
Class C – diluted earnings (loss) per share	$	(0.17	)	$	0.08

The dilutive effect of 1.2 million shares in the first quarter of 2022 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 March 31,
	2022		2021
RSUs and PRSUs		3,270,039		134,122
Total antidilutive securities		3,270,039		134,122