Net (Loss) Income Per Share

12 Months Ended

Dec. 31, 2023

27.

NET (LOSS) INCOME PER SHARE

The Company calculates basic earnings per share by dividing the net (loss) 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. We exclude 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 December 31, 2023, 2022 and 2021 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 earnings per share of common stock (in thousands, except for share and per share data).


	Year Ended December 31,
	2023			2022		2021
Numerator
Net (loss) income	$	(90,071	)	$	38,406	$	(248,919	)
Accretion of redeemable non-controlling interest		(2,405	)		—		—
Net (loss) income attributable to common stockholders	$	(92,476	)	$	38,406	$	(248,919	)

Denominator
Weighted average shares of common stock - basic		617,889,384			607,760,886		543,558,222
Dilutive effect of stock-based awards		—			35,080,710		—
Weighted average shares of common stock - diluted		617,889,384			642,841,596		543,558,222

Net (loss) income per share attributable to common stockholders:
Basic	$	(0.15	)	$	0.06	$	(0.46	)
Diluted	$	(0.15	)	$	0.06	$	(0.46	)

Common stock equivalent shares of 33.7 million, 8.1 million, and 32.1 million were excluded from the computation of diluted per share amounts for the years ended December 31, 2023, 2022 and 2021, respectively, because their effect was anti-dilutive.