Earnings per Share

9 Months Ended

Sep. 30, 2024

At September 30, 2024, the Company’s capital structure consists of common stock. There were no participating shares or securities outstanding during the three and nine months ended September 30, 2024.

The following table sets forth the computation of earnings per share (“EPS”) in 2024:


	Three Months Ended September 30, 2024					Nine Months Ended September 30, 2024
	Net Income Attributable to the Company		Shares(1)	Basic and Diluted EPS		Net Income Attributable to the Company		Shares(1)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Common shares	$	44,338	120,765	$	0.37	$	145,031	109,691	$	1.32

At September 30, 2023, the Company’s capital structure included Class A, B, and C units outstanding and unvested restricted interests and outstanding options. To calculate EPS for the three and nine months ended September 30, 2023, the Company applied the two-class method because its unvested restricted interests and outstanding options were participating securities.

The following table sets forth the net income attributable to the Company, its units outstanding, and its participating units outstanding:


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
	(in thousands)
Net income	$	54,424	$	155,887
Less: Net income attributable to non-controlling interests	1,318		3,775
Net income attributable to the Company	53,106		152,112
Less: Distributed and undistributed income attributable to participating shares	66		356
Distributed and undistributed income attributable to outstanding shares	$	53,040	$	151,756

The following table sets forth the computation of EPS in 2023, under the two-class method:


	Three Months Ended September 30, 2023					Nine Months Ended September 30, 2023
	Net Income Allocation		Shares(1)(2)	Basic and Diluted EPS		Net Income Allocation		Shares(1)(2)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Outstanding Class A, Class B, and Class C shares	$	53,040	104,035	$	0.51	$	151,756	103,980	$	1.46
Participating shares	66		130	$	0.51	356		244	$	1.46
Total Company	$	53,106				$	152,112

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(1) The recapitalization of the members units into common shares has been treated as such for earnings per share purposes and has been reflected retrospectively for all periods, along with the one for 4.295 reverse stock split, as described in Note 1, Organization.

(2) Represents the weighted average units outstanding during the period.