Earnings Per Share

3 Months Ended

Mar. 31, 2022

The Company has Class A common stock and Class B common stock outstanding. Because the only difference between the two classes of common stock are related to voting, transfer and conversion rights, the Company has not presented earnings per share under the two-class method, as earnings per share are the same for both Class A common stock and Class B common stock. The accompanying financial statements and related notes to the financial statements give retroactive effect to the stock split for all periods presented. See Note 2(a), "Basis of Presentation" for additional information.

The computation of basic net income (loss) per share (“EPS”) is based on the weighted-average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common stock equivalents. Common stock equivalents consist of shares issuable upon the exercise of stock options and vesting of RSUs and PSUs.

The following table summarizes the computation of basic and diluted EPS for the three months ended March 31, 2022 and 2021:


	Three months ended March 31,
(in thousands,except share and per share data)	2022		2021
Numerator:
Net income available to common shareholders	$	11,586	$	16,507
Denominator:
Weighted-average common shares outstanding – basic	97,481,412		91,737,020
Effect of dilutive securities	6,640,614		—
Weighted-average common shares outstanding – diluted	104,122,026		91,737,020
Net income per common share:
Basic	$	0.12	$	0.18
Diluted	$	0.11	$	0.18

The Company excluded 1,152,816 potential common stock equivalents from the computation of diluted EPS for the three months ended March 31, 2022, because the effect would have been anti-dilutive. As of March 31, 2022, there were 5,292,857 potential common stock equivalents outstanding, with market conditions which were not met at that date, that were excluded from the calculation of diluted EPS.