XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.24.3

Earnings Per Share | 9 Months Ended
--- | ---
Sep. 30, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | 19 — Earnings Per Share Basic earnings per share is calculated under the Two-Class Method using Net income available to Class A Common Stockholders, divided by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per share is calculated using diluted Net income available to Class A Common Stockholders divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The Company's potentially dilutive securities consist of (i) unvested share-based compensation awards, shares issuable under the employee stock purchase plan, and unexercised warrants (prior to completion of the Warrant Exchange) with the dilutive effect calculated using the Treasury Stock Method, and (ii) non-controlling interest THG units and Series A Convertible Preferred Stock, with the dilutive effect calculated using the more dilutive of the If-Converted Method and the Two-Class Method. The following table summarizes the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2024 and 2023:
| Three months ended September 30, |  | Nine months ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| in thousands (except per share amounts)
Earnings Per Share of Class A Common Stock, Basic |  |  |  |  |  |  |  |  |
Net income available to Class A Common Stockholders | $ | 2,798 |  |  | $ | 3,255 |  |  | $ | 7,753 |  |  | $ | 3,712 |  |  |
Weighted average shares of Class A Common Stock outstanding | 89,691 |  |  | 84,479 |  |  | 86,689 |  |  | 84,042 |  |  |
Net income per share of Class A Common Stock, basic | $ | 0.03 |  |  | $ | 0.04 |  |  | $ | 0.09 |  |  | $ | 0.04 |  |  |
Earnings Per Share of Class A Common Stock, Diluted |  |  |  |  |  |  |  |  |
Net income available to Class A Common Stockholders | $ | 2,798 |  |  | $ | 3,255 |  |  | $ | 7,802 |  |  | $ | 3,712 |  |  |
Weighted average shares of Class A Common Stock outstanding | 89,691 |  |  | 84,479 |  |  | 87,601 |  |  | 84,042 |  |  |
Net income per share of Class A Common Stock, Diluted | $ | 0.03 |  |  | $ | 0.04 |  |  | $ | 0.09 |  |  | $ | 0.04 |  |  |
Net Income Available to Class A Common Stockholders |  |  |  |  |  |  |  |  |
Net income | $ | 19,007 |  |  | $ | 18,623 |  |  | $ | 69,863 |  |  | $ | 19,137 |  |  |
Net income attributable to non-controlling interest | (14,122) |  |  | (13,269) |  |  | (55,951) |  |  | (13,477) |  |  |
Accretion of Series A Convertible Preferred Stock | (1,875) |  |  | (1,838) |  |  | (5,552) |  |  | (1,838) |  |  |
Undistributed earnings allocated to Series A Convertible Preferred Stock | (212) |  |  | (261) |  |  | (607) |  |  | (110) |  |  |
Net income available to Class A Common Stockholders, Basic | 2,798 |  |  | 3,255 |  |  | 7,753 |  |  | 3,712 |  |  |
Adjustment for potentially dilutive THG units | — |  |  | — |  |  | — |  |  | — |  |  |
Adjustment for potentially dilutive Series A Convertible Preferred Stock | — |  |  | — |  |  | — |  |  | — |  |  |
Adjustment for potentially dilutive share-based compensation awards | — |  |  | — |  |  | 49 |  |  | — |  |  |
Adjustment for potentially dilutive warrants | — |  |  | — |  |  | — |  |  | — |  |  |
Net income available to Class A Common Stockholders, Diluted | $ | 2,798 |  |  | $ | 3,255 |  |  | $ | 7,802 |  |  | $ | 3,712 |  |  |
Weighted Average Shares of Class A Common Stock Outstanding |  |  |  |  |  |  |  |  |
Weighted average shares of Class A Common Stock outstanding, Basic | 89,691 |  |  | 84,479 |  |  | 86,689 |  |  | 84,042 |  |  |
Adjustment for potentially dilutive THG units | — |  |  | — |  |  | — |  |  | — |  |  |
Adjustment for potentially dilutive Series A Convertible Preferred Stock | — |  |  | — |  |  | — |  |  | — |  |  |
Adjustment for potentially dilutive share-based compensation awards | — |  |  | — |  |  | 912 |  |  | — |  |  |
Adjustment for potentially dilutive warrants | — |  |  | — |  |  | — |  |  | — |  |  |
Weighted average shares of Class A Common Stock outstanding, Diluted | 89,691 |  |  | 84,479 |  |  | 87,601 |  |  | 84,042 |  |  |
The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings per share of Class A Common Stock as their effect would be anti-dilutive:
| Three months ended September 30, |  | Nine months ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| in thousands
THG units | 255,252 |  |  | 255,499 |  |  | 255,378 |  |  | 255,579 |  |  |
Series A Convertible Preferred Stock | 6,785 |  |  | 6,785 |  |  | 6,785 |  |  | 2,485 |  |  |
Unvested shares associated with share-based compensation awards | 7,746 |  |  | 8,509 |  |  | 3,918 |  |  | 7,480 |  |  |
Warrants | — |  |  | 19,484 |  |  | — |  |  | 19,484 |  |  |
Total | 269,783 |  |  | 290,277 |  |  | 266,081 |  |  | 285,028 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration