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Basic and Diluted Net Income per Share (Tables)

9 Months Ended

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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- References

No definition available.

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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

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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

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