Net Income Per Share

3 Months Ended

Mar. 31, 2023

21.

NET INCOME PER SHARE

The Company calculates basic earnings per share by dividing the net income 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 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
	March 31,
	2023		2022
Numerator
Net income	$	2,184	$	11,975
Denominator
Weighted average shares of common stock—basic		616,217,176		603,104,839
Dilutive effect of stock-based awards		30,163,785		37,923,571
Weighted average shares of common stock—diluted		646,380,961		641,028,410
Net income per share:
Basic	$	0.00	$	0.02
Diluted	$	0.00	$	0.02

Approximately 15,957,331 and 110,393 common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended March 31, 2023 and 2022, respectively, because their effect was anti-dilutive.

As part of the Business Combination, 8,625,000 shares issued and held by Dragoneer (the “Sponsor Vesting Shares”) became non-transferable and subject to forfeiture on the tenth anniversary of Closing if neither of the defined triggering events has occurred. The Sponsor Vesting Shares are issued and outstanding as of March 31, 2023 and December 31, 2022 and excluded from the weighted average number of shares of common stock outstanding until the vesting requirement is met and the restriction is removed.