Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 following table summarizes the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022:


	Three months ended March 31,
(in thousands, except share and per share data)	2023		2022
Numerator:
Net income available to common shareholders	$	9,509	$	11,586
Denominator:
Weighted-average common shares outstanding – basic	97,561,650		97,481,412
Effect of dilutive securities	3,390,923		6,640,614
Weighted-average common shares outstanding – diluted	100,952,573		104,122,026
Net income per common share:
Basic	$	0.10	$	0.12
Diluted	$	0.09	$	0.11

The Company excluded 3,778,307 and 1,152,816 potential common stock equivalents from the computation of diluted EPS for the three months ended March 31, 2023 and 2022, respectively, because the effect would have been anti-dilutive. There were 4,819,894 and 5,292,857 potential common stock equivalents outstanding as of March 31, 2023 and 2022, respectively, with market conditions which were not met at that date, that were excluded from the calculation of diluted EPS.