Earnings Per Share

6 Months Ended

Jun. 30, 2022

16. Earnings Per Share

Class B common stock does not have economic rights in the Company and as a result, is not considered a participating security for basic and diluted income (loss) per share. As such, basic and diluted income (loss) per share of Class B common stock has not been presented. The following tables set forth the computation of basic and diluted net income per share of Class A Common Stock for the periods where we had Class A and Class B common stock outstanding (in thousands, except share and per share data):


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Numerator—basic:
Net income	$	24,060	$	27,198
Less: Income attributable to redeemable noncontrolling interests		14,405		16,284
Net income attributable to Class A Common Stockholders—basic		9,655		10,914
Denominator—basic:
Weighted average Class A common stock outstanding—basic		79,256,354		79,204,430
Net income per Class A common stock—basic	$	0.12	$	0.14

Numerator—diluted:
Net income attributable to Class A Common Stockholders—basic	$	9,655	$	10,914
Net income effect of dilutive securities:
Effect of Exercise Warrants		—		43
Effect of RSUs		—		1
Net income attributable to Class A Common Stockholders—diluted		9,655		10,958
Denominator—diluted:
Weighted average Class A common stock outstanding—basic		79,256,354		79,204,430
Weighted average effect of dilutive securities:
Effect of Exercise Warrants		—		517,812
Effect of RSUs		2,663		15,340
Weighted average Class A common stock outstanding—diluted		79,259,017		79,737,582
Net income per Class A common stock—diluted	$	0.12	$	0.14

Potential shares of common stock are excluded from the computation of diluted net income per share if their effect would have been anti-dilutive for the period presented or if the issuance of shares is contingent upon events that did not occur by the end of the period.

The following tables present potentially dilutive securities excluded from the computation of diluted net income per share for the periods presented that could potentially dilute earnings per share in the future:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
RSUs		2,838,717		1,418,091
Stock options		6,660,995		6,660,995
Class A Warrants		13,286,644		13,286,644
Exercise Warrants		34,000,000		17,000,000
Hoya Intermediate Warrants		6,000,000		6,000,000
Noncontrolling Interest		118,200,000		118,200,000

On June 30, 2022, we received 11,365,913 validly tendered public warrants in exchange for 2,727,785 shares of Class A Common Stock. In accordance with the contingently issuable share guidance in ASC 260, the Class A Common shares were considered issued for earnings per share purposes, and the public warrants were considered tendered when all contingencies were resolved as of that date.

We analyzed the calculation of income (loss) per share for periods prior to the Merger Transaction and determined that it resulted in values that would not be meaningful to the users of the condensed consolidated financial statements. Therefore, income (loss) per share information has not been presented for periods prior to the Merger Transaction.