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Basic and Diluted Net Income per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Basic and Diluted Net Income per Share Basic and Diluted Net Income per Share
Basic net income per share has been computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income per share has been computed in a manner consistent with that of basic net income per share while giving effect to all shares of potentially dilutive common stock that were outstanding during the period. 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,
2024202320242023
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 - basic53.4 32.6 112.5 72.5 
Reallocation of net income from noncontrolling interests to common stockholders due to effect of dilutive securities14.2 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 securities14.2 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 Interests21,216,195 — 22,953,032 — 
RSUs1,349,414 873,107 1,331,271 1,200,466 
Contingent shares— 262,968 — 262,968 
Weighted average shares of Class A common stock outstanding - diluted89,356,938 57,673,083 89,514,680 57,697,393 
Weighted average shares of Class C common stock outstanding - basic and diluted1,659,314 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.
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,
2024202320242023
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 
Diluted EPS was computed using the treasury stock method for RSUs and the if-converted method for convertible instruments.
For the three and nine months ended September 30, 2024 and 2023, the Company has excluded from the calculation of diluted net income per share the effect of the following:
•the conversion of the 2025 Convertible Notes and 2027 Convertible Notes, as the weighted average sales price of the Company’s Class A common stock during each period was less than the conversion price, per the terms of each respective agreement, and
•shares of the Company’s Class A common stock to be issued in connection with Tranche 2 of the earnout due to the former shareholders of Online Payments Group. See Note 12 for more information about shares to be issued in connection with earnouts.