Earnings per Share

6 Months Ended

Jun. 30, 2021

4. Earnings Per Share

During the three and six months ended June 30, 2021 and 2020, basic and diluted net loss per common share are the same since the inclusion of the assumed exchange of all limited liability company interests of Hawk Parent (“Post-Merger Repay Units”), unvested restricted share awards and convertible debt conversion would have been anti-dilutive.

The following table summarizes net loss attributable to the Company and the weighted average basic and basic and diluted shares outstanding:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Loss before income tax expense	$	(17,467,369	)	$	(87,096,848	)	$	(41,390,315	)	$	(101,394,978	)
Less: Net loss attributable to non-controlling interests		(1,080,798	)		(3,903,059	)		(3,268,070	)		(6,755,458	)
Income tax benefit		4,117,474			3,896,626			10,059,247			5,012,218
Net loss attributable to the Company	$	(12,269,097	)	$	(79,297,163	)	$	(28,062,998	)	$	(89,627,302	)

Weighted average shares of Class A common stock outstanding - basic and diluted		79,781,185			41,775,128			78,200,752			39,699,841

Loss per share of Class A common stock outstanding - basic and diluted	$	(0.15	)	$	(1.90	)	$	(0.36	)	$	(2.26	)

For the three and six months ended June 30, 2021 and 2020, the following common stock equivalent shares were excluded from the computation of the diluted loss per share, since their inclusion would have been anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Post-Merger Repay Units exchangeable for Class A common stock		7,933,893		24,305,623		7,933,893		24,305,623
Dilutive warrants exercisable for Class A common stock		—		1,758,145		—		1,758,145
Unvested restricted share awards of Class A common stock		2,860,945		2,899,272		2,860,945		2,899,272
2026 Notes convertible for Class A common stock		13,095,238		—		13,095,238		—
Share equivalents excluded from earnings (loss) per share		23,890,076		28,963,040		23,890,076		28,963,040

Shares of the Company’s Class V common stock do not participate in the earnings or losses of the Company and, therefore, are not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V common stock under the two-class method has not been presented.