Earnings per Share

9 Months Ended

Sep. 30, 2020

4. Earnings Per Share

During the three and nine months ended September 30, 2020 and the period from July 11, 2019 to September 30, 2019, 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 (the “Post-Merger Repay Units”), unvested restricted share awards and all warrants would have been anti-dilutive.

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

	Three Months Ended September 30, 2020			Nine Months Ended September 30, 2020			From July 11, 2019 to September 30, 2019
Loss before income tax expense	$	(18,183,863	)	$	(46,011,224	)	$	(18,599,466	)
Less: Net loss attributable to non-controlling interests		(5,297,782	)		(12,053,241	)		(7,399,303	)
Income tax benefit		3,382,859			8,395,077			2,719,402
Net loss attributable to the Company	$	(9,503,222	)	$	(25,562,906	)	$	(8,480,761	)

Weighted average shares of Class A common stock outstanding - basic and diluted		57,913,089			45,806,225			34,326,127

Loss per share of Class A common stock outstanding - basic and diluted	$	(0.16	)	$	(0.56	)	$	(0.25	)

For the three and nine months ended September 30, 2020 and the period from July 11, 2019 to September 30, 2019, 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:

Post-Merger Repay Units exchangeable for Class A common stock	8,361,477	8,361,477	22,045,296
Earn-out Post-Merger Repay Units exchangeable for Class A common stock	-	-	7,500,000
Dilutive warrants exercisable for Class A common stock	-	-	1,160,053
Unvested restricted share awards of Class A common stock	2,445,535	2,445,535	2,031,861
Share equivalents excluded from earnings (loss) per share	10,807,012	10,807,012	32,737,210

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.