NET EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE

NOTE 16 – NET EARNINGS PER SHARE

The Company’s basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net earnings per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net earnings per share is the same as basic net earnings per share in periods when the effects of potentially dilutive shares of common shares are anti-dilutive.

Basic and diluted net earnings per share attributable to common stockholders were calculated as follows:

	Three Months Ended				Six months ended
	June 30,				June 30,
	2023		2022		2023		2022
	(In thousands, except share and per share data)
Numerator:
Net income	$	45,549	$	4,422	$	53,487	$	24,633
Denominator:
Weighted average common shares outstanding —
Basic		365,000,974		345,522,076		364,260,883		345,831,177
Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock		21,928,779		19,844,013		27,584,186		22,541,797
Dilutive impact of private Warrants		693,926		647,607		727,406		674,653
Weighted average common shares – diluted		387,623,679		366,013,696		392,572,475		369,047,627
Net income per share attributable to common stockholders — Basic earnings per share	$	0.12	$	0.01	$	0.15	$	0.07
Diluted earnings per share	$	0.12	$	0.01	$	0.14	$	0.07

NOTE 16 – NET EARNINGS PER SHARE (continued):

Note that 25,158,125 Public Warrants, 1,500,000 RSUs with market conditions, 30,000,000 Earn-Out Shares (as that term is defined in the Agreement and Plan of Reorganization dated February 3, 2021 (as amended) with FTAC Olympus Acquisition Corp.), 726,620 options to purchase common stock, and ESPP shares to be issued under the May 15, 2023 offering period have been excluded from the computation of diluted net earnings per share for the three and six month periods ended June 30, 2023 as their effect was antidilutive, conditions were not met or they were not in the money as of the end of the reporting period. In the three months ended June 30, 2022, 25,158,125 Public Warrants and 30,000,000 Earn-Out Shares were excluded for the same reason.