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Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 17. Earnings Per Share

The Company presents basic EPS and diluted EPS for our common stock. Basic EPS excludes potential dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if shares of common stock were issued pursuant to our stock-based compensation awards. Additionally, diluted EPS reflects the potential dilution that could occur if convertible preferred shares of P10 Intermediate were converted into common shares of P10 Intermediate. This is only applicable to fiscal year 2020 as the preferred shares of P10 Intermediate converted to shares of Class B common stock effective with the IPO. For the year ended December 31, 2022, diluted EPS reflects the potential dilution that could occur assuming the exercise of partnership units in P10 Intermediate, that were granted as a result of the WTI acquisition.

The following table presents a reconciliation of the numerators and denominators used in the computation of basic and diluted EPS:

 

 

 

For the Year
Ended December 31,

 

 

 

 

 

 

 

2022

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

Numerator for basic calculation—Net income

 

 

 

 

 

 

 

 

 

Numerator for basic calculation—Net income
   attributable to P10

 

$

29,206

 

 

$

9,174

 

 

$

23,086

 

Adjustment for:

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interest in P10 Intermediate

 

 

193

 

 

 

-

 

 

 

-

 

Numerator for earnings per share

 

 

 

 

 

 

 

 

 

Numerator for earnings per share assuming
   dilution

 

$

29,399

 

 

$

9,174

 

 

$

23,086

 

Denominator:

 

 

 

 

 

 

 

 

 

Denominator for basic calculation—Weighted-
   average shares

 

 

116,751

 

 

 

72,660

 

 

 

62,465

 

Weighted shares assumed upon conversion of partnership units

 

 

979

 

 

 

-

 

 

 

-

 

Weighted shares assumed upon exercise of stock
   options and vesting of RSUs

 

 

3,924

 

 

 

39,670

 

 

 

2,440

 

Denominator for earnings per share assuming dilution

 

 

121,655

 

 

 

112,332

 

 

 

64,905

 

Earnings per share—basic

 

$

0.25

 

 

$

0.13

 

 

$

0.37

 

Earnings per share—diluted

 

$

0.24

 

 

$

0.08

 

 

$

0.36

 

 

The computations of diluted earnings per share excluded options to purchase 6.7 million shares of common stock for the year ended December 31, 2022 and 0.1 million options for the year ended December 31, 2021, respectively, because the options were anti-dilutive.