Earnings Per Share

3 Months Ended

Mar. 31, 2022

Prior to the reverse recapitalization in connection with the Closing (“Reverse Recapitalization”), all net income was attributable to the noncontrolling interest. For the periods prior to July 20, 2021, earnings per share was not calculated because net income prior to the Business Combination was attributable entirely to OppFi-LLC.

The following table sets forth the computation of basic and diluted (as restated) earnings per share for the three months ended March 31, 2022 (in thousands, except share and per share data):


	Three Months Ended
	March 31, 2022
Numerator:


Net loss	$	(297)
Net loss attributable to noncontrolling interest	(1,373)
Net income available to Class A common stockholders - Basic	1,076
Dilutive effect of warrants on net income to Class A common stockholders	—
Net loss attributable to noncontrolling interest	(1,373)
Income tax benefit	331
Net income available to Class A common stockholders - Diluted	$	34
Denominator:
Weighted average Class A common stock outstanding - Basic	13,581,828
Effect of dilutive securities:
Stock options	—
Restricted stock units	53,655
Retained OppFi Units	70,838,474
Dilutive potential common shares	70,892,129
Weighted average units outstanding - diluted (as restated)	84,473,957
Earnings per share:
Basic EPS	$	0.08
Diluted EPS (as restated)	$	—

The following table presents securities that have been excluded from the calculation of diluted earnings per share as

their effect would have been anti-dilutive for the three months ended March 31, 2022:


			Three Months Ended
			March 31, 2022
Public Warrants			11,887,500
Private Unit Warrants			231,250
$11.50 Exercise Price Warrants			2,248,750
$15 Exercise Price Warrants			912,500
Underwriter Warrants			59,437
Stock Options			2,127,096
Restricted stock units			1,360,548
Performance stock units			78,907
Noncontrolling interest - Earnout Units			25,500,000
Potential common stock			44,405,988