Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2025

Note 13. Earnings (Loss) Per Share

The Company has two classes of common stock authorized: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to twenty-five votes per share. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net loss per share. As a result, basic and diluted net income (loss) per share of Class A common stock and Class B common stock are equivalent.

Earnings (loss) per share is computed by dividing net earnings (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period on a basic and diluted basis. The Company's net (loss) income used in computing basic and diluted earnings per share. Diluted (loss) earnings per share considers the impact of potentially dilutive securities.

The following is a calculation of the basic and diluted earnings per share for the Company's common stock, including a reconciliation between net income attributable to common stockholders used for Basic EPS and Diluted EPS for the three months ended March 31, 2025 and 2024:


(in thousands, except share and per share data)	Three Months Ended March 31,
	2025			2024
Basic Earnings Per Share
Numerator:
Net (loss) income used to compute basic (loss) earnings per share	$	(4,250	)	$	50,599
Denominator:
Weighted average common stock outstanding used in basic EPS computations		151,289,278			130,712,032
(Loss) earnings per share, basic	$	(0.03	)	$	0.39

Diluted Earnings Per Share
Numerator:
Net (loss) income attributable to common stockholders	$	(4,250	)	$	50,599
If-converted impact on net income attributable to common stockholders		-			3,673
Net (loss) income attributable to common stockholders for diluted EPS	$	(4,250	)	$	54,272
Denominator:
Weighted average common stock outstanding used in basic EPS computations		151,289,278			130,712,032
Weighted average effect of dilutive securities		-			15,315,053
Weighted average common stock outstanding used in diluted EPS computations		151,289,278			146,027,085
Diluted (Loss) Earnings Per Share	$	(0.03	)	$	0.37

Since the Company was in a net loss position the three months ended March 31, 2025, basic net loss per share attributable to common stockholders is the same as diluted net loss per share as the inclusion of all potential common shares outstanding would have been anti-dilutive.

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	Three Months Ended March 31,
Anti-dilutive securities excluded from diluted loss per share:	2025		2024
Anti-dilutive Earnout Awards		19,195,100		19,195,100
Anti-dilutive stock options		170,494		-
Anti-dilutive restricted stock units		12,424,203		5,569,966
Anti-dilutive GPO Convertible Note		6,660,606		-
Anti-dilutive Dragonfly Seller Convertible Notes		1,273,138		-
Anti-dilutive Era Convertible Note		4,547,533		-
Anti-dilutive Convertible Notes		11,653,244
Total anti-dilutive securities excluded from diluted (loss) earnings per share		55,924,318		24,765,066