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NET INCOME (LOSS) PER SHARE | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE For the three months ended June 30, 2021 (Predecessor), the period from January 1, 2022 through January 26, 2022 (Predecessor), and for the six months ended June 30, 2021 (Predecessor), the basic net income (loss) per unit attributable to members was calculated by dividing the net income (loss) attributable to common equity holders by the weighted-average number of membership units. For the three months ended June 30, 2022 (Successor) and the period from January 27, 2022 through June 30, 2022 (Successor), the basic net loss per share was calculated by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share gives effect to all potentially dilutive shares. Basic and diluted net income (loss) per share was calculated as follows:
| Three-Month Period |  | Six-Month Period
| Successor |  |  | Predecessor |  | Successor |  |  | Predecessor
| Three Months Ended June 30, 2022 |  |  | Three Months Ended June 30, 2021 |  | Period from January 27, 2022 through June 30, 2022 |  |  | Period from January 1, 2022 through January 26, 2022 |  | Six Months Ended June 30, 2021
Net loss per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (0.29) |  |  |  | n/a |  | $ | (0.71) |  |  |  | n/a |  | n/a
Diluted | (0.33) |  |  |  | n/a |  | n/a |  |  | n/a |  | n/a
Numerator: |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to System1, Inc. | (25,737) |  |  |  | n/a |  | $ | (61,806) |  |  |  | n/a |  | n/a
Change in fair value of warrant liabilities | (4,139) |  |  |  | n/a |  | n/a |  |  | n/a |  | n/a
Net loss used in diluted computation | $ | (29,876) |  |  |  | n/a |  | n/a |  |  | n/a |  | n/a
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding used in computing basic net loss per share | 89,701 |  |  |  | n/a |  | 86,840 |  |  |  | n/a |  | n/a
Adjustment for incremental shares from applying treasury stock method | 1,481 |  |  |  | n/a |  | n/a |  |  | n/a |  | n/a
Weighted-average common shares outstanding used in computing diluted net loss per share | 91,182 |  |  |  | n/a |  | n/a |  |  | n/a |  | n/a
Basic and diluted net income (loss) per unit | n/a |  |  | $ | 0.57 |  |  | n/a |  |  | $ | (1.81) |  |  | $ | 0.90 |
Numerator: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | n/a |  |  | 11,772 |  |  | n/a |  |  | (37,061) |  |  | 18,515 |
Denominator: |  |  |  |  |  |  |  |  |  |  |
Weighted-average membership units outstanding - basic and diluted (units in thousands) | n/a |  |  | 20,488 |  |  | n/a |  |  | 20,488 |  |  | 20,488 |
Shares of Class C common stock, warrants, and RSUs outstanding for the period January 27, 2022 through June 30, 2022 (Successor) are considered potentially dilutive of the shares of Class A common stock under the application of the treasury stock method, and are included in the computation of diluted loss per share, except when the effect would be anti-dilutive. For the periods presented in the table above, a total of 22,077 shares of Class C common stock were excluded from the computation of net loss per share as the impact was anti-dilutive.

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