NET EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE

NOTE 20 – 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.

NOTE 20 – NET EARNINGS PER SHARE (continued):

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

	Three Months Ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
	(In thousands, except share and per share data)
Numerator:
Net income	$	41,574	$	12,825	$	102,973	$	66,312
Denominator:
Weighted average common shares outstanding —
Basic		357,297,824		357,429,113		357,631,049		361,206,439
Add:
Dilutive impact of RSUs, ESPP and options to purchase common stock		16,222,829		23,678,424		20,759,274		27,721,456
Dilutive impact of private warrants		782,817		737,562		735,040		730,894
Weighted average common shares – diluted		374,303,470		381,845,099		379,125,363		389,658,789
Net income per share attributable to common stockholders — Basic earnings per share	$	0.12	$	0.04	$	0.29	$	0.18
Diluted earnings per share	$	0.11	$	0.03	$	0.27	$	0.17

Note that for both the three and nine month periods ended September 30, 2024, 3,590,000 RSUs with market conditions, 15,000,000 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.) and 1,521,963 options to purchase common stock have been excluded from the computation of diluted net earnings per share as their effect was antidilutive, conditions were not met or they were not in the money as of the end of the reporting period. For the three and nine month periods ended September 30, 2024, 2,866,158 and 3,913,995 RSUs, respectively, have been excluded for the same reason. In both the three and nine months ended September 30, 2023, 25,158,086 public Warrants, 4,570,000 RSUs with market conditions, 30,000,000 Earn-Out Shares, 705,470 options to purchase common stock, and ESPP shares to be issued under the May 15, 2023 offering period were excluded for the same reason.