For the Three Months Ended

For the Nine Months Ended

September 30,

2024

2023

2024

2023

Numerator

Net income attributable to Target Hospitality Corp. Common Stockholders - basic

$

19,994

$

45,579

$

58,763

$

135,857

Change in fair value of warrant liabilities

—

(1,809)

Net income attributable to Target Hospitality Corp. Common Stockholders - diluted

$

19,994

$

45,579

$

58,763

$

134,048

Denominator

Weighted average shares outstanding - basic

100,438,559

101,620,537

100,452,691

101,246,546

Dilutive effect of outstanding securities:

Warrants

—

1,201,020

—

1,728,214

PSUs

511,871

526,674

479,391

495,718

SARs

858

210,299

108,238

264,269

Stock Options

104,125

427,347

180,800

545,229

RSUs

241,091

1,107,817

523,342

1,352,163

Weighted average shares outstanding - diluted

101,296,504

105,093,694

101,744,462

105,632,139

Net income per share attributable to Target Hospitality Corp. Common Stockholders- basic

$

0.20

$

0.45

$

0.58

$

1.34

Net income per share attributable to Target Hospitality Corp. Common Stockholders - diluted

$

0.20

$

0.43

$

0.58

$

1.27