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Earnings per Share (Tables)
6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Earnings per Share

The following table presents the calculation of basic and diluted earnings per share:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Class A

 

 

Class B

 

 

Class A

 

 

Class B

 

 

Class A

 

 

Class B

 

 

Class A

 

 

Class B

 

 

 

(in thousands, except per share data)

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

4,062

 

 

$

3,241

 

 

$

9,035

 

 

$

7,238

 

 

$

11,939

 

 

$

9,536

 

 

$

21,475

 

 

$

17,366

 

Reallocation of undistributed earnings as a result of conversion of Class B to Class A common stock

 

 

3,241

 

 

 

 

 

 

7,238

 

 

 

 

 

 

9,536

 

 

 

 

 

 

17,366

 

 

 

 

Reallocation of undistributed earnings to Class B common stock

 

 

 

 

 

35

 

 

 

 

 

 

160

 

 

 

 

 

 

132

 

 

 

 

 

 

411

 

Net income attributable to common
   stockholders — diluted

 

$

7,303

 

 

$

3,276

 

 

$

16,273

 

 

$

7,398

 

 

$

21,475

 

 

$

9,668

 

 

$

38,841

 

 

$

17,777

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used
   to compute earnings per
   share — basic

 

 

40,845

 

 

 

32,597

 

 

 

40,706

 

 

 

32,606

 

 

 

40,809

 

 

 

32,597

 

 

 

40,521

 

 

 

32,768

 

Conversion of Class B to Class A
   common stock outstanding

 

 

32,597

 

 

 

 

 

 

32,606

 

 

 

 

 

 

32,597

 

 

 

 

 

 

32,768

 

 

 

 

Effect of dilutive stock options
   and RSUs

 

 

639

 

 

 

639

 

 

 

1,323

 

 

 

1,323

 

 

 

823

 

 

 

823

 

 

 

1,431

 

 

 

1,431

 

Weighted average number of shares
   used to compute earnings
   per share — diluted

 

 

74,081

 

 

 

33,236

 

 

 

74,635

 

 

 

33,929

 

 

 

74,229

 

 

 

33,420

 

 

 

74,720

 

 

 

34,199

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.10

 

 

$

0.10

 

 

$

0.22

 

 

$

0.22

 

 

$

0.29

 

 

$

0.29

 

 

$

0.53

 

 

$

0.53

 

Diluted

 

$

0.10

 

 

$

0.10

 

 

$

0.22

 

 

$

0.22

 

 

$

0.29

 

 

$

0.29

 

 

$

0.52

 

 

$

0.52

 

Schedule of Antidilutive Securities Excluded from Computation of Basic and Diluted Earnings per Share

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Stock options to purchase Class A
   and Class B common stock, and RSUs

 

 

1,214

 

 

 

504

 

 

 

936

 

 

 

986