Basic and Diluted Net Income Per Share

6 Months Ended

Jun. 30, 2022

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders, which excludes Sponsor Vesting Shares which are legally outstanding, but subject to return to the Company. Basic net income per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of the stock options, RSU awards, and convertible preferred stock warrants, as applicable pursuant to the treasury stock method, and the convertible notes, as applicable pursuant to the if-converted method. The following table sets forth the computation of basic and diluted net income per share:


(In thousands, except for share and per share amounts)	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income attributable to common stockholders—Basic	$	46,931	$	62,531	$	54,277	$	8,960
Remeasurement of preferred stock warrant liability	—		(13,076)		—		—
Net income attributable to common stockholders—Diluted	$	46,931	$	49,455	$	54,277	$	8,960
Denominator:
Weighted-average common shares outstanding—Basic (1)	137,141,655		67,548,052		136,985,440		65,098,310
Stock options	4,889,299		5,831,260		5,010,955		5,876,446
Warrants to purchase redeemable convertible preferred stock	—		5,249,279		—		—
RSU awards	164,683		—		82,357		—
Weighted-average common shares outstanding—Diluted (1)	142,195,637		78,628,591		142,078,752		70,974,756
Net income per share—Basic	$	0.34	$	0.93	$	0.40	$	0.14
Net income per share—Diluted	$	0.33	$	0.63	$	0.38	$	0.13

(1)Excludes weighted-average Sponsor Vesting Shares subject to return of 4,500,000 shares as of June 30, 2022 and 2021.

Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. As of June 30, 2022 and 2021, options for 1,481,535 shares of common stock, performance awards for 2,610,500 shares and 0 shares, respectively, of common stock, earnout shares for 25,000,000 shares of common stock, and Sponsor Vesting Shares for 4,500,000 shares of common stock were excluded from the table below because they are subject to market or performance conditions that were not achieved as of June 30, 2022 and 2021.

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021

Warrants to purchase common stock	35,476,627	35,476,627	35,476,627	35,476,627