Earnings Per Share

3 Months Ended

Mar. 31, 2023

4. Earnings Per Share

During the three months ended March 31, 2023, 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 share-based awards, outstanding stock options and the Company’s Convertible Senior Notes due 2026 (“2026 Notes”) would have been anti-dilutive.

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


	Three Months Ended March 31,
($ in thousands, except per share data)	2023			2022
Income (loss) before income tax expense	$	(23,575	)	$	16,729
Less: Net loss attributable to non-controlling interests		(1,540	)		(767	)
Income tax expense		(4,357	)		(3,843	)
Net income (loss) attributable to the Company	$	(26,392	)	$	13,653

Weighted average shares of Class A common stock outstanding - basic		88,615,760			88,607,655
Add weighted average effect of dilutive common stock equivalent shares:
Post-Merger Repay Units exchangeable for Class A common stock					7,926,576
Unvested share-based awards of Class A common stock					3,385,690
2026 Notes convertible into Class A common stock					13,095,238
Weighted average shares of Class A common stock outstanding - diluted		88,615,760			113,015,159

Income (loss) per share of Class A common stock outstanding - basic	$	(0.30	)	$	0.15
Income (loss) per share of Class A common stock outstanding - diluted	$	(0.30	)	$	0.12

For the three months ended March 31, 2023, 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 March 31,
	2023
Post-Merger Repay Units exchangeable for Class A common stock		7,861,271
Unvested share-based awards of Class A common stock		5,906,580
Outstanding stock options for Class A common stock		1,148,822
2026 Notes convertible into Class A common stock		13,095,238
Share equivalents excluded from earnings (loss) per share		28,011,911

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.