EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2025

Basic earnings (loss) per share of Class A common stock and Class D common stock is computed using the two-class method by dividing net earnings (loss) allocated to common stockholders by the weighted-average number of shares of Class A common stock and Class D common stock, respectively, outstanding during the period. Diluted earnings (loss) per share of Class A common stock and Class D common stock is computed using the two-class method by dividing net earnings (loss) allocated to common stockholders by the weighted-average number of shares of Class A common stock and Class D common stock, respectively, outstanding adjusted to give effect to potentially dilutive securities. Diluted EPS was computed using the treasury stock method for Class A RSUs, non-qualified stock options, and ESPP shares and the if-converted method for Class C common stock. During the first quarter of 2024, the Company discontinued the ESPP Plan.

There was no Class B common stock outstanding during the three months ended March 31, 2025 and 2024. The following table sets forth the calculation of basic and diluted loss per share for Class A common stock and Class D common stock:


	Three Months Ended
	March 31, 2025
	Class A		Class D		Total


Net loss allocated to common stockholders	$	(11,316)	$	(10,580)	$	(21,896)





Weighted average shares - basic	103,765,899		97,026,671		200,792,570

Earnings (loss) per share - basic	$	(0.11)	$	(0.11)	$	(0.11)











Weighted average shares - diluted	103,765,899		97,026,671		200,792,570

Earnings (loss) per share - diluted	$	(0.11)	$	(0.11)	$	(0.11)


	Three Months Ended
	March 31, 2024
	Class A		Class D		Total


Net loss allocated to common stockholders	$	(15,934)	$	(18,321)	$	(34,255)





Weighted average shares - basic	84,380,682		97,026,671		181,407,353

Loss per share - basic	$	(0.19)	$	(0.19)	$	(0.19)

Diluted loss per share:



Net loss allocated to common shareholders - diluted	$	(43,283)	$	(18,447)	$	(61,730)





Weighted average shares - diluted	227,652,419		97,026,671		324,679,090

Loss per share - diluted	$	(0.19)	$	(0.19)	$	(0.19)

The potential dilutive effect of the exchange of Class C common stock for Class A common stock is evaluated under the if-converted method. Reallocation of net income or loss attributable to the dilutive impact of the exchange of Class C common stock for Class A common stock was tax-effected using the combined federal and state rate (less federal benefit) of 26.1% and 26.2% for the three months ended March 31, 2025 and 2024, respectively. The potential dilutive effect of stock options, restricted stock units, and ESPP shares is evaluated under the treasury stock method. The following table summarizes the shares that were anti-dilutive and excluded from the computation of diluted earnings (loss) per share for the presented periods.


	Three Months Ended
	March 31, 2025	March 31, 2024
Class C common stock	127,290,603	—
Stock options, restricted stock units, ESPP shares(1)	9,318,547	14,906,683
Total	136,609,150	14,906,683

(1)Stock options, restricted stock units, and ESPP shares are weighted for the portion of the period for which they were outstanding.