EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2024

The following table displays the computation of basic and diluted EPS for both Class A and Class B common stock for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions, except per share amounts)
Numerator:
Net income (loss)	$	22.8	$	(45.8)	$	8.8	$	(123.4)
Less: Undistributed income allocated to participating securities	(1.1)		—		(0.5)		—
Net income (loss) attributable to common shareholders	21.7		(45.8)		8.3		(123.4)
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B)	15.0		14.5		14.8		14.4
Effect of dilutive securities:
RSUs and PSUs	1.0		—		1.1		—
Redeemable convertible preferred stock	0.8		—		0.8		—

Stock options	0.1		—		0.1		—

Weighted-average common shares outstanding: diluted (both Class A and B)	16.9		14.5		16.8		14.4
Earnings (loss) per common share (both Class A and B):
Basic	$	1.45	$	(3.16)	$	0.56	$	(8.57)
Diluted	$	1.35	$	(3.16)	$	0.52	$	(8.57)

For the three and nine months ended September 30, 2023, we operated at a loss and therefore, the conversion of common stock equivalents would increase the denominator of the diluted EPS calculation and create a lower loss per share. Therefore, these common stock equivalents are considered anti-dilutive and diluted EPS is equal to basic EPS.

We excluded the following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, from the computation of diluted EPS attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(in millions)
Options to purchase common stock	—	0.1	—	0.1
Nonvested shares subject to repurchase	—	0.1	—	0.1
RSUs and PSUs	0.1	2.0	0.1	2.0
Redeemable convertible preferred stock (as converted to common stock)	—	0.8	—	0.8
Warrants to purchase common stock	7.7	7.7	7.7	7.7
Total	7.8	10.7	7.8	10.7