Basic and Diluted Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Summary of basic and diluted income per share

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to common stockholders—Basic	$	30,931	$	8,299	$	34,236	$	62,576

Net income attributable to common stockholders—Diluted	$	30,931	$	8,299	$	34,236	$	62,576
Denominator:
Weighted-average common shares outstanding—Basic (1)	139,806,045		138,061,829		139,374,106		137,348,180
Stock options	2,893,384		4,126,256		3,451,224		4,748,417

RSU awards	4,121		8,929		46,844		37,963
Weighted-average common shares outstanding—Diluted (1)	142,703,550		142,197,014		142,872,174		142,134,560
Net income per share—Basic	$	0.22	$	0.06	$	0.25	$	0.46
Net income per share—Diluted	$	0.22	$	0.06	$	0.24	$	0.44

(1)Excludes weighted-average Sponsor Vesting Shares subject to return of 4,500,000 shares as of September 30, 2023 and 2022.

Summary of Potentially Dilutive Securities for Common Stock

The following potentially dilutive securities for common stock were outstanding and excluded from diluted earnings per share as they are subject to performance or market conditions that were not achieved as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Options to purchase common stock	1,481,531	1,481,531	1,481,531	1,481,531
Performance-based stock awards	2,220,750	2,610,500	2,220,750	2,610,500
Earnout shares	25,000,000	25,000,000	25,000,000	25,000,000
Sponsor vesting shares	4,500,000	4,500,000	4,500,000	4,500,000

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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022

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