Net Income per Share Attributable to Common Stock

3 Months Ended

Mar. 31, 2024

Net Income per Share Attributable to Common Stock

11. Net Income per Share Attributable to Common Stock

Basic net income per share attributable to common stock is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period.

Diluted net income per share attributable to common stock is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. The dilutive effect of outstanding options, RSUs and warrants is reflected in diluted net income per share attributable to common stock by application of the treasury stock method. The calculation of diluted net income per share attributable to common stock excludes all anti-dilutive common shares.

The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net income per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

The following table sets forth the computation of basic and diluted net income per share attributable to common stock (in thousands except share and per share data):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	7,226	$	704
Denominator:
Weighted-average shares of common stock — basic		123,945,778		123,289,584
Dilutive effect of stock options to purchase common stock		2,141,741		486,286
Dilutive effect of RSUs		754,844		16,871
Dilutive effect of warrants		75,291		—
Weighted-average shares of common stock — diluted		126,917,654		123,792,741
Net income per share
Basic	$	0.06	$	0.01
Diluted	$	0.06	$	0.01

The following table summarizes the weighted average securities that were excluded from the computation of diluted net income per share attributable to common stock as their inclusion would have been antidilutive:


	Three Months Ended March 31,
	2024		2023
Stock options to purchase common stock		—		3,594,345
RSUs		457,373		1,319,253
Warrants		448,881		588,173