Earnings Per Share

6 Months Ended

Jun. 30, 2023

4. Earnings Per Share

During the three and six months ended June 30, 2023, basic and diluted net loss per common share are the same since the inclusion of the assumed exchange of all limited liability company interests of Hawk Parent (“Post-Merger Repay Units”), unvested share-based awards, outstanding stock options and the Company’s Convertible Senior Notes due 2026 (“2026 Notes”) would have been anti-dilutive.

The following table summarizes net income (loss) attributable to the Company and the weighted average basic and diluted shares outstanding:


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands, except per share data)	2023			2022			2023			2022
Income (loss) before income tax benefit (expense)	$	(6,381	)	$	1,692		$	(29,956	)	$	18,422
Less: Net loss attributable to non-controlling interests		(687	)		(1,362	)		(2,227	)		(2,129	)
Income tax benefit (expense)		1,051			(3,045	)		(3,306	)		(6,888	)
Net income (loss) attributable to the Company	$	(4,643	)	$	9		$	(31,035	)	$	13,663

Weighted average shares of Class A common stock outstanding - basic		89,170,814			88,903,674			88,894,820			88,756,482
Add weighted average effect of dilutive common stock equivalent shares:
Post-Merger Repay Units exchangeable for Class A common stock					7,883,048						7,883,048
Unvested share-based awards of Class A common stock					3,365,729						3,130,785
Outstanding ESPP purchase rights for Class A common stock					2,876						1,438
2026 Notes convertible into Class A common stock					13,095,238						13,095,238
Weighted average shares of Class A common stock outstanding - diluted		89,170,814			113,250,565			88,894,820			112,866,991

Income (loss) per share of Class A common stock outstanding - basic	$	(0.05	)	$	0.00		$	(0.35	)	$	0.15
Income (loss) per share of Class A common stock outstanding - diluted	$	(0.05	)	$	0.00		$	(0.35	)	$	0.12

For the three and six months ended June 30, 2023, the following common stock equivalent shares were excluded from the computation of the diluted loss per share, since their inclusion would have been anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023		2023
Post-Merger Repay Units exchangeable for Class A common stock		6,459,153		6,459,153
Unvested share-based awards of Class A common stock		5,772,187		5,772,187
Outstanding stock options for Class A common stock		1,148,822		1,148,822
2026 Notes convertible into Class A common stock		13,095,238		13,095,238
Share equivalents excluded from earnings (loss) per share		26,475,400		26,475,400

Shares of the Company’s Class V common stock do not participate in the earnings or losses of the Company and, therefore, are not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V common stock under the two-class method has not been presented.