Earnings Per Share

3 Months Ended

Mar. 31, 2025

4. Earnings Per Share

During the three months ended March 31, 2025 and 2024, 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, outstanding employee stock purchase plan (“ESPP”) purchase rights and the Company’s convertible senior notes would have been anti-dilutive. During the three months ended March 31, 2025, the aggregate principal amount of the 2029 Notes is not included in the computation of senior notes convertible into Class A Common Stock as the Company is required to settle such amount in cash. The Company may elect to settle the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2029 Notes being converted in cash, shares of the Company’s Class A common stock, or a combination of cash and shares. Because the average market price of the Company’s Class A common stock for the period was less than the conversion price, there are no incremental shares to be considered in the computation of senior notes convertible into Class A Common Stock.

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)	2025			2024
Net income (loss) attributable to the Company	$	(7,947	)	$	(5,212	)

Weighted average shares of Class A common stock outstanding - basic and diluted		89,005,725			91,218,208

Income (loss) per share of Class A common stock outstanding - basic and diluted	$	(0.09	)	$	(0.06	)

For the three months ended March 31, 2025 and 2024, 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,
	2025		2024
Post-Merger Repay Units exchangeable for Class A common stock		5,289,543		5,844,095
Unvested share-based awards of Class A common stock		8,139,014		6,072,126
Outstanding stock options for Class A common stock		1,089,930		1,148,822
Outstanding ESPP purchase rights for Class A common stock		53,884		25,580
Senior notes convertible into Class A common stock		6,547,619		13,095,238
Share equivalents excluded from loss per share		21,119,990		26,185,861

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.