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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Earning (Loss) Per Share | Earnings (Loss) Per Share
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands except share data and per share amounts) | 2024 |  | 2023 |  | 2024 |  | 2023
Basic |  |  |  |  |  |  |
Net income (loss) | $ | 11,888 |  |  | $ | (18,698) |  |  | $ | 14,817 |  |  | $ | (53,262) |
Less: net income (loss) attributable to non-controlling interest | 2,406 |  |  | (5,196) |  |  | 2,828 |  |  | (15,208) |
Net income (loss) attributable to MediaAlpha, Inc. | $ | 9,482 |  |  | $ | (13,502) |  |  | $ | 11,989 |  |  | $ | (38,054) |
Weighted-average shares of Class A common stock outstanding - basic | 54,909,772 |  |  | 46,229,672 |  |  | 52,293,622 |  |  | 45,095,417 |
Weighted-average shares of Class A common stock outstanding - diluted | 54,909,772 |  |  | 46,229,672 |  |  | 66,087,041 |  |  | 45,095,417 |
Income (loss) per share of Class A common stock - basic | $ | 0.17 |  |  | $ | (0.29) |  |  | $ | 0.23 |  |  | $ | (0.84) |
Income (loss) per share of Class A common stock - diluted | $ | 0.17 |  |  | $ | (0.29) |  |  | $ | 0.22 |  |  | $ | (0.84) |
(in thousands except share data and per share amount) | Nine months ended September 30, 2024
Diluted |
Net income | $ | 14,817 |
Add: incremental tax benefits related to exchange of Class B-1 units | (223) |
Net income available for diluted common shares | $ | 14,594 |
Weighted-average shares outstanding: |
Class A common stock | 52,293,622 |
Class B-1 units | 13,793,419 |
Weighted-average shares of Class A common stock and potential Class A common stock | 66,087,041 |
Net income per share of Class A common stock - diluted | $ | 0.22 |
Potentially dilutive shares, which are based on the weighted-average shares of underlying unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs using the treasury stock method and the outstanding QLH restricted Class B-1 units using the if-converted method, are included when calculating diluted net income per share attributable to MediaAlpha, Inc. when their effect is dilutive. The effects of certain of the Company’s potentially dilutive securities were not included in the calculation of diluted loss per share as the effect of their inclusion would be anti-dilutive. The following table summarizes the shares and units with a potentially dilutive impact for the three months ended September 30, 2024 and 2023:
| As of
| September 30, 2024 |  | September 30, 2023
QLH Class B-1 Units | 11,609,982 |  |  | 18,155,446 |
Restricted Class A Shares | — |  |  | 52,573 |
Restricted stock units | 3,664,754 |  |  | 4,342,036 |
PRSUs | 93,000 |  |  | — |
Potentially dilutive shares | 15,367,736 |  |  | 22,550,055 |
The following table summarizes the shares and units with a potentially dilutive impact for the nine months ended September 30, 2024 and 2023:
| As of
| September 30, 2024 |  | September 30, 2023
QLH Class B-1 Units | — |  |  | 18,155,446 |
Restricted Class A Shares | — |  |  | 52,573 |
Restricted stock units | 3,664,754 |  |  | 4,342,036 |
PRSUs | 93,000 |  |  | — |
Potentially dilutive shares | 3,757,754 |  |  | 22,550,055 |
The outstanding PRSUs were included in the potentially dilutive securities as of September 30, 2024 to the level in which the performance conditions have been met as of September 30, 2024.

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