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Net Income (Loss) Per Share
9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net loss per share of Class A Common Stock. Basic and diluted loss per share for the three and nine months ended September 30, 2023, represents the period from September 21, 2023 to September 30, 2023, the days in the prior year periods when the Company had Class A and Class B common stock outstanding. Class B Common Stock does not have economic rights in AON Inc., including rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted loss per share. As such, basic and diluted loss per share of Class B Common Stock has not been presented. Series A Preferred Stock are considered participating securities for basic and diluted loss per share, but do not participate in losses. As such, basic and diluted loss per share is computed using the two-class method. For additional information, see Notes 1 and 2.

Basic loss per share is based on the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted loss per share is based on the weighted-average number of shares of Class A Common Stock used for the basic loss per share calculation, adjusted for the dilutive effect of Public and Private Warrants, Restricted Stock Units, and Sponsor Earnouts, if any, using the “treasury stock” method and the convertible Series A Preferred Stock, Class B Common Stock, and Class B Prefunded Warrants, if any, using the “if-converted” method. Net loss for diluted loss per share is adjusted for the Company’s share of AON LLC’s consolidated net loss, net of AON Inc. taxes, after giving effect to Class B Common Stock and Class B Prefunded Warrants that are exchanged into potential shares of Class A Common Stock, Public and Private Warrants that are liability classified, and Series A Preferred Stock that accrue dividends, to the extent it is dilutive.

Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net loss attributable to AON Inc.$(1,069)$(1,792)$(5,289)$(1,792)
Less: Series A Preferred Cumulative Dividends$(1,431)$(133)$(4,166)$(133)
Less: Series A Preferred Deemed Dividend$— $(2,089)$— $(2,089)
Net loss attributable to Class A Common Stockholders$(2,500)$(4,014)$(9,455)$(4,014)
Less: Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of dilutive securities$— $— $(24,463)$— 
Net loss attributable to Class A Common Stockholders for diluted earnings per share$(2,500)$(4,014)$(33,918)$(4,014)
Weighted-average shares for basic earnings per share13,264,4036,614,22910,527,4696,614,229
Effect of dilutive securities:
Series A Preferred Stock— — — — 
Class B Common Stock— — 22,697,588 — 
Class B Prefunded warrants— — 3,000,245 — 
Restricted Stock Units— — — — 
Weighted-average shares for diluted earnings per share13,264,4036,614,22936,225,3026,614,229
Basic loss per share of Class A Common Stock$(0.19)$(0.61)$(0.90)$(0.61)
Dilutive loss per share of Class A Common Stock$(0.19)$(0.61)$(0.94)$(0.61)
The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted loss per share for the periods presented as they were anti-dilutive. Note that the Sponsor Earnouts are excluded from the calculation of weighted-average shares for diluted loss per share as the contingency had not been met as of the period end.


Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Series A Preferred Stock7,217,540 6,651,610 7,217,540 6,651,610 
Class B Common Stock20,445,123 25,109,551 — 25,109,551 
Class B Prefunded Warrants3,000,245 3,000,245 — 3,000,245 
Public and Private Warrants14,450,833 14,450,833 14,450,833 14,450,833 
Restricted Stock Units2,053,365 — 2,053,365 —