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Earnings per Common Share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Earnings per Common Share | Earnings per Common Share The calculation of basic and diluted earnings per share (EPS) was as follows:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands, except per share data) |  |  |  |  |  |
Basic earnings per Class A common share |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 3,294 |  |  | $ | 34,692 |  |  | $ | 50,139 |  |  | $ | 98,735 |
Income attributable to unvested Walmart restricted shares | (52) |  |  | — |  |  | (828) |  |  | — |
Net income allocated to Class A common stockholders | $ | 3,242 |  |  | $ | 34,692 |  |  | $ | 49,311 |  |  | $ | 98,735 |
Denominator: |  |  |  |  |  |  |
Weighted-average Class A shares issued and outstanding | 52,275 |  |  | 52,588 |  |  | 52,084 |  |  | 52,818 |
Basic earnings per Class A common share | $ | 0.06 |  |  | $ | 0.66 |  |  | $ | 0.95 |  |  | $ | 1.87 |
Diluted earnings per Class A common share |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income allocated to Class A common stockholders | $ | 3,242 |  |  | $ | 34,692 |  |  | $ | 49,311 |  |  | $ | 98,735 |
Re-allocated earnings | 1 |  |  | — |  |  | 13 |  |  | — |
Diluted net income allocated to Class A common stockholders | $ | 3,243 |  |  | $ | 34,692 |  |  | $ | 49,324 |  |  | $ | 98,735 |
Denominator: |  |  |  |  |  |  |
Weighted-average Class A shares issued and outstanding | 52,275 |  |  | 52,588 |  |  | 52,084 |  |  | 52,818 |
Dilutive potential common shares: |  |  |  |  |  |  |
Stock options | 58 |  |  | 131 |  |  | 57 |  |  | 150 |
Restricted stock units | 567 |  |  | 456 |  |  | 469 |  |  | 586 |
Performance-based restricted stock units | 258 |  |  | 630 |  |  | 299 |  |  | 592 |
Employee stock purchase plan | 6 |  |  | 6 |  |  | 4 |  |  | 8 |
Diluted weighted-average Class A shares issued and outstanding | 53,164 |  |  | 53,811 |  |  | 52,913 |  |  | 54,154 |
Diluted earnings per Class A common share | $ | 0.06 |  |  | $ | 0.64 |  |  | $ | 0.93 |  |  | $ | 1.82 |
The restricted shares issued to Walmart contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing EPS pursuant to the two-class method. The computation above excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator. For the periods presented, we excluded certain restricted stock units and stock options outstanding (as applicable), which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive. Additionally, we have excluded any performance-based restricted stock units and performance-based stock options where the performance contingency has not been met as of the end of the period. The following table shows the weighted-average number of shares excluded from the diluted EPS calculation as their effects were anti-dilutive:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands) |  |  |  |  |  |
Class A common stock |  |  |  |  |  |  |
Options to purchase Class A common stock | 795 |  |  | — |  |  | 772 |  |  | — |
Restricted stock units | 268 |  |  | 329 |  |  | 295 |  |  | 226 |
Performance-based restricted stock units | 453 |  |  | 431 |  |  | 286 |  |  | 217 |
Unvested Walmart restricted shares | 840 |  |  | — |  |  | 875 |  |  | — |
Total | 2,356 |  |  | 760 |  |  | 2,228 |  |  | 443 |

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