Earnings Per Share

6 Months Ended

Jun. 30, 2024

4. Earnings Per Share

During the three and six months ended June 30, 2024 and 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 loss attributable to the Company and the weighted average basic and diluted shares outstanding:


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands, except per share data)	2024			2023			2024			2023
Loss before income tax expense	$	(6,212	)	$	(6,381	)	$	(11,275	)	$	(29,956	)
Less: Net loss attributable to non-controlling interests		(166	)		(687	)		(319	)		(2,227	)
Income tax benefit (expense)		1,975			1,051			1,673			(3,306	)
Net loss attributable to the Company	$	(4,071	)	$	(4,643	)	$	(9,283	)	$	(31,035	)

Weighted average shares of Class A common stock outstanding - basic and diluted		91,821,369			89,170,814			91,519,789			88,894,820

Loss per share of Class A common stock outstanding - basic and diluted	$	(0.04	)	$	(0.05	)	$	(0.10	)	$	(0.35	)

For the three and six months ended June 30, 2024 and 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Post-Merger Repay Units exchangeable for Class A common stock		5,844,095		6,459,153		5,844,095		6,459,153
Unvested share-based awards of Class A common stock		6,645,141		5,772,187		6,645,141		5,772,187
Outstanding stock options for Class A common stock		1,148,822		1,148,822		1,148,822		1,148,822
2026 Notes convertible into Class A common stock		13,095,238		13,095,238		13,095,238		13,095,238
Share equivalents excluded from loss per share		26,733,296		26,475,400		26,733,296		26,475,400

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. Each share of the Company’s Class V common stock gives the holder the right to vote the number of shares corresponding to the number of Post-Merger Repay Units held by that holder, but shares of Class V common stock have no economic rights.