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Earnings Per Share (Tables)
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Summary of Net Income (Loss) and Weighted Average Basic and Diluted Shares Outstanding

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

 

Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share

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