Basic and Diluted Net Income per Share (Tables)

9 Months Ended

Sep. 30, 2025

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,
	2025		2024		2025		2024
Net income	$	33.4	$	72.2	$	94.0	$	155.2
Less: Net income attributable to non-redeemable noncontrolling interests	(5.3)		(18.4)		(15.2)		(41.6)
Less: Dividends on Preferred Stock and redeemable noncontrolling interests	(15.1)		—		(24.6)		—
Adjustment to net income attributable to common stockholders	—		(0.4)		(0.9)		(1.1)
Net income attributable to common stockholders - basic	13.0		53.4		53.3		112.5
Reallocation of net income from non-redeemable noncontrolling interests to common stockholders due to effect of dilutive securities	2.8		14.2		9.9		32.1
Net income attributable to common stockholders - diluted	$	15.8	$	67.6	$	63.2	$	144.6

Numerator - allocation of net income attributable to common stockholders:
Net income allocated to Class A common stock - basic	$	12.8	$	52.1	$	52.2	$	109.7
Reallocation of net income from non-redeemable noncontrolling interests to common stockholders due to effect of dilutive securities	2.8		14.2		10.0		32.2
Net income allocated to Class A common stock - diluted	$	15.6	$	66.3	$	62.2	$	141.9

Net income allocated to Class C common stock - basic	$	0.2	$	1.3	$	1.1	$	2.8
Reallocation of net income from non-redeemable noncontrolling interests to common stockholders due to effect of dilutive securities	—		—		(0.1)		(0.1)
Net income allocated to Class C common stock - diluted	$	0.2	$	1.3	$	1.0	$	2.7

Denominator:
Weighted average shares of Class A common stock outstanding - basic (a)	67,243,324		66,791,329		67,131,538		65,230,377
Effect of dilutive securities:
LLC Interests	19,801,028		21,216,195		19,801,028		22,953,032
RSUs	1,168,776		1,349,414		1,314,783		1,331,271
2025 Convertible Notes	1,151,294		—		1,255,978		—
Weighted average shares of Class A common stock outstanding - diluted	89,364,422		89,356,938		89,503,327		89,514,680

Weighted average shares of Class C common stock outstanding - basic and diluted	1,318,499		1,659,314		1,371,660		1,681,264

Net income per share - basic:
Class A common stock	$	0.19	$	0.78	$	0.78	$	1.68
Class C common stock	$	0.19	$	0.78	$	0.78	$	1.68
Net income per share - diluted:
Class A common stock	$	0.17	$	0.74	$	0.70	$	1.59
Class C common stock	$	0.17	$	0.74	$	0.70	$	1.59

(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 primarily related to the acquisition of Finaro.