Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

22.

NET INCOME (LOSS) PER SHARE

The Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by assuming the exercise, settlement and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. The Company excludes common stock equivalent shares from the calculation if their effect is anti-dilutive. In a period where the Company is in a net loss position, the diluted loss per share is calculated using the basic share count.

The 8,625,000 Sponsor Vesting Shares that are issued and outstanding at June 30, 2022 are excluded from the weighted average number of shares of common stock outstanding until the vesting requirement is met and the restriction is removed.

The following table sets forth a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share of common stock (in thousands, except for share and per share data).


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Numerator
Net income (loss)	$	15,564	$	3,816	$	27,539	$	(1,268	)
Denominator
Weighted average shares of common stock - basic		605,948,628		505,430,380		604,534,589		505,252,635
Dilutive effect of stock-based awards		34,016,068		18,257,118		36,115,708		—
Weighted average shares of common stock - diluted		639,964,696		523,687,498		640,650,297		505,252,635
Net income (loss) per share:
Basic	$	0.03	$	0.01	$	0.05	$	(0.00	)
Diluted	$	0.02	$	0.01	$	0.04	$	(0.00	)

Approximately 22,162,166 common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended June 30, 2022, because their effect was anti-dilutive. No common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended June 30, 2021. Approximately 14,336,893 and 18,185,977 common stock equivalent shares were excluded from the computation of diluted per share amounts for the six months ended June 30, 2022 and 2021, respectively, because their effect was anti-dilutive.