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Basic and Diluted Net Income per Share (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Schedule of Calculation of Basic and Diluted Net Income per Share | The following table presents the calculation of basic and diluted net income per share under the two-class method.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income | $ | 72.2 |  |  | $ | 46.5 |  |  | $ | 155.2 |  |  | $ | 103.7 |
Less: Net income attributable to noncontrolling interests | (18.4) |  |  | (13.9) |  |  | (41.6) |  |  | (31.2) |
Adjustment to net income attributable to common stockholders | (0.4) |  |  | — |  |  | (1.1) |  |  | — |
Net income attributable to common stockholders - basic | 53.4 |  |  | 32.6 |  |  | 112.5 |  |  | 72.5 |
Reallocation of net income from noncontrolling interests to common stockholders due to effect of dilutive securities | 14.2 |  |  | 0.2 |  |  | 32.1 |  |  | 0.5 |
Net income attributable to common stockholders - diluted | $ | 67.6 |  |  | $ | 32.8 |  |  | $ | 144.6 |  |  | $ | 73.0 |
Numerator - allocation of net income attributable to common stockholders: |  |  |  |  |  |  |
Net income allocated to Class A common stock - basic | $ | 52.1 |  |  | $ | 31.6 |  |  | $ | 109.7 |  |  | $ | 70.0 |
Reallocation of net income from noncontrolling interests to common stockholders due to effect of dilutive securities | 14.2 |  |  | 0.2 |  |  | 32.2 |  |  | 0.5 |
Net income allocated to Class A common stock - diluted | $ | 66.3 |  |  | $ | 31.8 |  |  | $ | 141.9 |  |  | $ | 70.5 |
Net income allocated to Class C common stock - basic | $ | 1.3 |  |  | $ | 1.0 |  |  | $ | 2.8 |  |  | $ | 2.5 |
Reallocation of net income from noncontrolling interests to common stockholders due to effect of dilutive securities | — |  |  | — |  |  | (0.1) |  |  | — |
Net income allocated to Class C common stock - diluted | $ | 1.3 |  |  | $ | 1.0 |  |  | $ | 2.7 |  |  | $ | 2.5 |
Denominator: |  |  |  |  |  |  |
Weighted average shares of Class A common stock outstanding - basic (a) | 66,791,329 |  |  | 56,537,008 |  |  | 65,230,377 |  |  | 56,233,959 |
Effect of dilutive securities: |  |  |  |  |  |  |
LLC Interests | 21,216,195 |  |  | — |  |  | 22,953,032 |  |  | — |
RSUs | 1,349,414 |  |  | 873,107 |  |  | 1,331,271 |  |  | 1,200,466 |
Contingent shares | — |  |  | 262,968 |  |  | — |  |  | 262,968 |
Weighted average shares of Class A common stock outstanding - diluted | 89,356,938 |  |  | 57,673,083 |  |  | 89,514,680 |  |  | 57,697,393 |
Weighted average shares of Class C common stock outstanding - basic and diluted | 1,659,314 |  |  | 1,759,273 |  |  | 1,681,264 |  |  | 2,019,063 |
Net income per share - Basic: |  |  |  |  |  |  |
Class A common stock | $ | 0.78 |  |  | $ | 0.56 |  |  | $ | 1.68 |  |  | $ | 1.24 |
Class C common stock | $ | 0.78 |  |  | $ | 0.56 |  |  | $ | 1.68 |  |  | $ | 1.24 |
Net income per share - Diluted: |  |  |  |  |  |  |
Class A Common Stock | $ | 0.74 |  |  | $ | 0.55 |  |  | $ | 1.59 |  |  | $ | 1.22 |
Class C Common Stock | $ | 0.74 |  |  | $ | 0.55 |  |  | $ | 1.59 |  |  | $ | 1.22 |
(a) For the three and nine months ended September 30, 2024, included 1,253,470 shares that had been committed but not issued as of September 30, 2024. For the three and nine months ended September 30, 2023, included 288,731 shares that had been committed but not issued as of September 30, 2023. Committed but not issued shares as of September 30, 2024 primarily relate to the acquisition of Finaro.
Schedule of Calculation of Diluted Net Income per Share as the Effect Would be Anti-dilutive | The following were excluded from the calculation of diluted net income per share as the effect would be anti-dilutive:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
LLC Interests that convert into potential Class A common shares | — |  |  | 23,831,883 |  |  | — |  |  | 24,399,635 |
RSUs | — |  |  | 51,965 |  |  | 74,969 |  |  | 37,962 |
Total | — |  |  | 23,883,848 |  |  | 74,969 |  |  | 24,437,597 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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