Equity and Earnings Per Share

12 Months Ended

Dec. 31, 2024

EQUITY AND EARNINGS PER SHARE

Common and Preferred Stock

The rights of the holders of our Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of our Class A common stock is entitled to one vote per share and is not convertible into any other shares of our capital stock. Each share of our Class B common stock is entitled to five votes per share, is convertible at any time into one share of Class A common stock at the option of the holder of such share and will automatically convert into one share of Class A common stock upon the occurrence of certain specified events, including a transfer of such shares (other than to such holder’s family members, descendants or certain affiliated persons or entities). Our Board of Directors is authorized to fix the rights and terms for any series of preferred stock without additional shareholder approval.

Earnings Per Share

The following is a reconciliation of the numerator and denominator for the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income attributable to common shareholders	$	56,757	$	62,470	$	94,926
Adjustment for accretion of tax equity financing fees	(107)		(108)		(116)
Income attributable to common shareholders	$	56,650	$	62,362	$	94,810
Denominator:
Basic weighted-average shares outstanding	52,380		52,140		51,841
Effect of dilutive securities:
Stock options	760		1,087		1,437
Diluted weighted-average shares outstanding	53,140		53,228		53,278
Net income per share attributable to common shareholders:
Basic	$	1.08	$	1.20	$	1.83
Diluted	$	1.07	$	1.17	$	1.78

Potentially dilutive shares (1)	2,154		1,707		1,108

(1) Potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.