Net Income Per Common Share

6 Months Ended

Jun. 30, 2022

17.

NET INCOME PER COMMON SHARE

The computation of basic and diluted net income per common share is based on net income attributable to Biote stockholders divided by the basic and diluted weighted average number of shares of Class A Common Stock outstanding, each for the period subsequent to the consummation of the Business Combination. The following table sets forth the computation of net income per common share:


	Three Months Ended June 30,			Six Months Ended June 30,
	2022			2022
Net income per share
Numerator:
Net income	$	40,341		$	49,691
Less: Net loss attributable to noncontrolling interest		(75,115	)		(65,765	)
Net income attributable to biote Corp. stockholders (basic and diluted)	$	115,456		$	115,456
Denominator:
Weighted average shares outstanding (basic)		7,574,271			7,574,271
Effect of potentially dilutive securities
RSUs		1,293,972			1,293,972
Class V Voting Stock		48,565,824			48,565,824
Weighted average shares outstanding (diluted)		57,434,067			57,434,067
Net income per common share
Basic	$	15.24		$	15.24
Diluted	$	2.01		$	2.01

On the Closing Date, the Company completed the Business Combination which materially impacted the number of shares outstanding, and the Combined Company was organized in an Up-C structure. Net income per common share information for the three and six months ended June 30, 2022 has been presented on a prospective basis and reflects only the net income attributable to holders of Biote’s Class A Common Stock, as well as both basic and diluted weighted average Class A Common Stock outstanding, for the period from the Closing Date through June 30, 2022. Net income per common share information prior to the Closing Date is not presented since the ownership structure of Holdings is not a common unit of ownership of the Company, and the resulting values would not be meaningful to the users of the condensed consolidated financial statements. Net income per common share is not separately presented for Class V Voting Stock since it has no economic rights to the income or loss of the Company. Class V Voting Stock is considered in the calculation of dilutive net income per common share on an if-converted basis as these shares, together with the related Biote Units, have Exchange Rights into Class A Common Stock that could result in additional Class A Common Stock being issued. All other potentially dilutive securities are determined based on the treasury stock method. See Note 1 for more information regarding the Business Combination.

The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted weighted average shares outstanding for the periods indicated because including them would have had an antidilutive effect:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022		2022
Unvested RSUs		134,000		134,000
Public Warrants		7,937,500		7,937,500
Private Placement Warrants		5,566,666		5,566,666
Earnout Voting Shares		10,000,000		10,000,000
Sponsor Earnout Shares		1,587,500		1,587,500
		25,225,666		25,225,666