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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2022
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of net income used to compute basic and diluted net earnings per share of Class A common stock for the quarter ended March 31, 2022. No earnings per share are presented for the quarter ended March 31, 2021 as only the Class B common stock would have been outstanding in historical periods pursuant to the reverse recapitalization and the Class B common stock do not participate in the Company's income or loss and are therefore not participating securities.
|  | Three-month period ended March 31, 2022
Basic and diluted: |  |  |  |  |  |
Net income |  | $ | 26,908 |  |  |  |  |
Less: Net income attributable to non-controlling interest |  | (22,167) |  |  |  |  |
Net income attributable to Class A Common Stockholders |  | $ | 4,741 |  |  |  |  |
Plus: adjustment due to net effect of stock options and exchangeable notes to net income |  | 352 |  |  |  |  |
Net income attributable to Class A Common Stockholders after adjustment |  | $ | 5,093 |  |  |  |  |
Weighted average common shares outstanding used in computing net income per share—basic (in thousands) |  | 14,934 |  |  |  |  |
Plus: net effect of dilutive stock options and exchangeable notes (in thousands) |  | 17,331 |  |  |  |  |
Weighted average common shares outstanding used in computing net income per share—diluted (in thousands) |  | 32,265 |  |  |  |  |
Net income per share—basic |  | $ | 0.32 |  |  |  |  |
Net income per share—diluted |  | $ | 0.16 |  |  |  |  |
Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company’s common stock during the period, because their inclusion would result in an antidilutive effect on per share amounts. The Company applied the if-converted method for the convertible debt to calculate diluted earnings per share in accordance of ASU 2020-06. The following amounts were not included in the calculation of net earnings per diluted share because their effects were anti-dilutive:
|  | Three-month period ended March 31, 2022
Potentially dilutive securities: |  |  |  |  |  |
Warrants |  | 22,415,400 |  |  |  |  |
Class B shares |  | 61,136,800 |  |  |  |  |
Earnout consideration shares |  | 7,500,000 |  |  |  |  |

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