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Net Income per Share ("EPS") Attributable to Common Stockholders (Tables) | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
Basic and Diluted EPS Attributable to Common Stockholders | The following table sets forth the computation of EPS attributable to common stockholders, basic and diluted (in thousands, except share and per share data):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 2,856 |  |  | $ | 7,510 |  |  | $ | 17,329 |  |  | $ | 15,497 |
Less: Allocation of undistributed earnings to noncontrolling interest |  |  | 1,732 |  |  |  | 3,534 |  |  |  | 5,145 |  |  |  | 7,424 |
Net income attributable to common stockholders - basic |  | $ | 1,124 |  |  | $ | 3,976 |  |  | $ | 12,184 |  |  | $ | 8,073 |
Less: Change in fair value of warrant liability |  |  | (228 | ) |  |  | — |  |  |  | 6,973 |  |  |  | — |
Net income attributable to common stockholders - diluted |  | $ | 1,352 |  |  | $ | 3,976 |  |  | $ | 5,211 |  |  | $ | 8,073 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Basic common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding |  |  | 85,643,646 |  |  |  | 63,588,119 |  |  |  | 84,807,041 |  |  |  | 63,588,119 |
Weighted average shares used in calculating net income per share attributable to common stockholders, basic |  |  | 85,643,646 |  |  |  | 63,588,119 |  |  |  | 84,807,041 |  |  |  | 63,588,119 |
Dilutive potential common shares: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average of common stock options |  |  | 16,765,219 |  |  |  | 15,316,205 |  |  |  | 16,722,627 |  |  |  | 15,319,576 |
Weighted average of Convertible Preferred Stock (as converted) |  |  | — |  |  |  | — |  |  |  | 703,946 |  |  |  | — |
Weighted average of Preferred Stock Warrants (as converted) |  |  | 231,508 |  |  |  | — |  |  |  | 271,971 |  |  |  | — |
Weighted average shares used in calculating net income per share attributable to common stockholders, diluted |  |  | 102,640,373 |  |  |  | 78,904,324 |  |  |  | 102,505,585 |  |  |  | 78,907,695 |
Net income per share attributable to common stockholders: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.01 |  |  | $ | 0.06 |  |  | $ | 0.14 |  |  | $ | 0.13 |
Diluted |  | $ | 0.01 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.10 |
Anti-dilutive Security not Included in Diluted per Share Calculations | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Options to purchase common stock |  |  | 922,960 |  |  |  | — |  |  |  | 870,386 |  |  |  | — |
Total |  |  | 922,960 |  |  |  | — |  |  |  | 870,386 |  |  |  | — |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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