Net Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2022

Net Income (Loss) per Share

Net Income (Loss) per Share

(2) Net Earnings (Loss) per Share

The Company applies the two-class method in calculating earnings (loss) per share. The Company has not considered the effect of warrants sold in the IPO and the private placement to purchase an aggregate 21.5 million shares of common stock in the calculation of diluted loss per share, since the exercise of the warrants into shares of common stock is contingent upon the occurrence of future events. As a result, diluted net earnings (loss) per common share is the same as basic net earnings (loss) per common share for the periods presented. Basic and diluted net earnings (loss) attributable to shareholders is calculated by adding the adjustment to the Series A redeemable common stock that is recorded directly to retained earnings (deficit) from net earnings (loss). Net earnings (loss) attributable to shareholders is allocated to the Series A redeemable common stock and the Series F non-redeemable common stock on a weighted average shares outstanding pro rata basis. Below is a reconciliation of the net earnings (loss) per common share:

	Three months ended			Nine months ended
	September 30,			September 30,
	2022		2021	2022	2021
Net earnings (loss)	$	15,142,075	17,926,572	54,820,422	(14,382,208)
Adjustment to Redeemable Series A Common Stock		(2,538,748)	(14,495)	(3,320,413)	(50,687,215)
Net earnings (loss) attributable to shareholders	$	12,603,327	17,912,077	51,500,009	(65,069,423)
Redeemable Series A Common Stock
Numerator: Earnings (loss) allocable to Redeemable Series A Common Stock	$	10,082,662	14,329,662	41,200,007	(51,158,647)
Denominator: Basic and diluted weighted average shares outstanding		57,500,000	57,500,000	57,500,000	52,234,432
Basic and diluted net earnings (loss) per share, Redeemable Series A Common Stock	$	0.18	0.25	0.72	(0.98)
Non-Redeemable Series F Common Stock
Numerator: Earnings (loss) allocable to Non-Redeemable Series F Common Stock	$	2,520,665	3,582,415	10,300,002	(13,910,776)
Denominator: Basic and diluted weighted average shares outstanding		14,375,000	14,375,000	14,375,000	14,203,297
Basic and diluted net earnings (loss) per share, Non-Redeemable Series F Common Stock	$	0.18	0.25	0.72	(0.98)