Basic and diluted (net loss) earnings per share is presented in conformity with the two-class method required for participating securities and multiple classes of common stock. We considered the Class T preferred units, which were outstanding prior to the Corporate Conversion, to be a participating security. In connection with our IPO, we established two classes of authorized common stock: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except for voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible at any time into one share of Class A common stock.

Undistributed earnings allocated to the Class T preferred units are subtracted from net income in determining net income attributable to common stockholders. Basic (net loss) earnings per share is computed by dividing the net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding during the period. As a participating security, the Class T preferred units are excluded from basic weighted-average common shares outstanding.

Diluted (net loss) earnings per share represents net (loss) income divided by the weighted-average number of common shares outstanding, inclusive of the effect of dilutive stock options and RSUs. For the year ended December 31, 2019, our potential dilutive shares relating to stock options and RSUs were not included in the computation of diluted (net loss) earnings per share as the effect of including these shares in the calculation would have been anti-dilutive. The undistributed (net losses) earnings are allocated based on the participation rights of Class A and Class B common shares as if the earnings for the year have been distributed and losses allocated. As the liquidation and dividend rights are identical for both classes, the undistributed earnings are allocated on a proportionate basis.

For the calculation of basic and diluted (net loss) earnings per share for the year ended December 31, 2019, the $40.8 million of Class B shares issued and subsequently repurchased in connection with our IPO to satisfy the total preference amount for the Class T Units is treated as a dividend and subtracted from net income available to common stockholders on a proportionate basis. In addition, the net losses for the year ended December 31, 2019 were not allocated to our participating security as the Class T preferred units were not contractually obligated to share in the Company’s losses.

Basic and diluted (net loss) earnings per share and the weighted-average shares outstanding have been computed for all periods shown below to give effect to the reverse split, the Corporate Conversion, and the repurchase of Class B shares that occurred in connection with our IPO. See Note 2, Significant Accounting Policies, for further information regarding the reverse split and Corporate Conversion.

The following table presents the calculation of basic and diluted (net loss) earnings per share:

	Year Ended
	2019						2018			2017
	Class A			Class B			Class B			Class B
Numerator
Net income	$	4,805		$	30,862		$	30,638		$	5,000
Net loss attributable to non-controlling interest		—			—			47			347
Repurchase of Class B common stock		(5,499	)		(35,317	)		—			—
Undistributed earnings to participating security		—			—			(10,957	)		(1,853	)
Net (loss) income attributable to common stockholders	$	(694	)	$	(4,455	)	$	19,728		$	3,494
Denominator
Weighted average shares used to compute (net loss) earnings per share — basic		7,719			49,575			41,936			41,936
Effect of dilutive stock options and RSUs		—			—			2,648			2,108
Weighted average number of shares used to compute (net loss) earnings per share — diluted		7,719			49,575			44,584			44,044
(Net loss) earnings per share:
Basic	$	(0.09	)	$	(0.09	)	$	0.47		$	0.08
Diluted	$	(0.09	)	$	(0.09	)	$	0.44		$	0.08

The following have been excluded from the computation of basic and diluted (net loss) earnings per share as their effect would have been anti-dilutive (in thousands):