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Net Income (Loss) per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) per Share

15. Net Income (Loss) per Share

 

Basic earnings per share of Common Stock is calculated by dividing net income available to holders of Common stock by the weighted average number of shares of Common Stock outstanding for the period. The diluted earnings per share of Common Stock calculation assumes the issuance of all dilutive potential common shares outstanding. Dilutive potential Common Stock consists of incremental shares of Class A Common Stock issuable upon the exercise of the stock options.

 

The following table summarizes the calculation of basic and diluted net income (loss) per common share (in thousands, except per share data):

 

   Year Ended December 31, 
   2021   2020   2019 
Net income (loss)  $36,262   $30,426   $(16,991)
                
Basic earnings per share               
Basic weighted average shares outstanding   366,651    363,326    363,326 
Basic earnings (loss) per share  $0.10   $0.08   $(0.05)
                
Diluted earnings per share               
Basic weighted average shares outstanding   366,651    363,326    363,326 
Dilutive effect of stock options   65,599    21,687    
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Diluted weighted average shares outstanding   432,250    385,013    363,326 
Diluted earnings (loss) per share  $0.08   $0.08   $(0.05)

 

The following shares were excluded from the calculation of diluted net loss per share calculation as their effect would have been anti-dilutive (in thousands):

 

   Year Ended December 31, 
   2021   2020   2019 
Stock options   54    4,329    15,200 
Warrants   125    
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