Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2024

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.

Earnings (loss) per share is calculated using the two-class method. 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, 2024, we have not issued any instruments that are 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 table sets forth the computation of our earnings (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income (loss)	$	5.5	$	(2.1)	$	(2.6)	$	(14.5)
Net income (loss) attributable to common stockholders	$	5.5	$	(2.1)	$	(2.6)	$	(14.5)
Denominator:
Basic weighted average common shares outstanding	83,071,520		82,432,158		82,876,914		82,285,291
Dilutive effect of potential common shares	52,116		—		—		—
Weighted average common shares outstanding - dilutive	83,123,636		82,432,158		82,876,914		82,285,291
Two-class method:
Basic and diluted income (loss) per share	$	0.07	$	(0.03)	$	(0.03)	$	(0.18)
Class A Common Stock:
Basic weighted average common shares outstanding	80,150,421		79,511,059		79,955,815		79,364,192
Dilutive effect of potential common shares	52,116		—		—		—
Weighted average common shares outstanding - dilutive	80,202,537		79,511,059		79,955,815		79,364,192
Proportionate share of net income (loss)	$	5.3	$	(2.0)	$	(2.5)	$	(14.0)
Basic and diluted income (loss) per share	$	0.07	$	(0.03)	$	(0.03)	$	(0.18)
Class C Common Stock
Basic and diluted weighted average common shares outstanding	2,921,099		2,921,099		2,921,099		2,921,099
Proportionate share of net income (loss)	$	0.2	$	(0.1)	$	(0.1)	$	(0.5)
Basic and diluted income (loss) per share	$	0.07	$	(0.03)	$	(0.03)	$	(0.17)

The dilutive effect of 0.6 million shares in the three months ended June 30, 2023 and 0.2 million and 0.5 million shares in the six months ended June 30, 2024 and 2023, respectively, was omitted from the calculation of diluted weighted-average shares outstanding and diluted earnings per share because we were in a loss position. In addition, 2.5 million and 3.6 million shares issuable subject to RSUs and PRSUs were not included in the computation of diluted shares outstanding for the three months ended June 30, 2024 and 2023, respectively, and 2.0 million and 3.1 million shares issuable subject to

RSUs and PRSUs were not included in the computation of diluted shares outstanding for the six months ended June 30, 2024 and 2023, respectively, because the effect would be anti-dilutive