Earnings Per Share

12 Months Ended

Dec. 31, 2021

4. Earnings Per Share

During the years ended December 31, 2021 and 2020, and the period from July 11, 2019 to December 31, 2019, basic and diluted net loss per common share is the same since the inclusion of the assumed exchange of all Post-Merger Repay Units, unvested restricted share awards, Warrants and 2026 Notes 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:

	Year Ended December 31, 2021	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019
Loss before income tax expense	$(86,727,719)	$(129,724,270)	$(51,810,162)
Less: Net loss attributable to non-controlling interests	(5,952,390)	(11,769,683)	(15,271,043)
Income tax benefit	30,691,156	12,358,025	4,990,989
Net loss attributable to the Company	$(50,084,173)	$(105,596,562)	$(31,548,130)

Weighted average shares of Class A common stock outstanding - basic and diluted	83,318,189	52,180,911	35,731,220

Loss per share of Class A common stock outstanding - basic and diluted	$(0.60)	$(2.02)	$(0.88)

For the years ended December 31, 2021 and 2020, and the period from July 11, 2019 to December 31, 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:

	Year Ended December 31, 2021	Year Ended December 31, 2020	From July 11, 2019 to December 31, 2019
Post-Merger Repay Units exchangeable for Class A common stock	7,926,576	8,334,160	21,985,297
Earnout Post-Merger Repay Units exchangeable for Class A common stock	—	—	7,500,000
Dilutive warrants exercisable for Class A common stock	—	—	1,816,890
Unvested restricted share awards of Class A common stock	2,515,634	2,209,551	1,731,560
2026 Notes convertible for Class A common stock	13,095,238	—	—
Share equivalents excluded from earnings (loss) per share	23,537,448	10,543,711	33,033,747

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.