Earnings (Loss) per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

The calculation of basic and diluted earnings (loss) per share (EPS) was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands, except per share data)
Basic earnings (loss) per Class A common share
Numerator:
Net income (loss)	$	7,335	$	(2,992)	$	58,003	$	47,147
Amount attributable to unvested Walmart restricted shares	(58)		43		(547)		(742)
Net income (loss) allocated to Class A common stockholders	$	7,277	$	(2,949)	$	57,456	$	46,405
Denominator:
Weighted-average Class A shares issued and outstanding	54,221		52,635		53,961		52,269
Basic earnings (loss) per Class A common share	$	0.13	$	(0.06)	$	1.06	$	0.89
Diluted earnings (loss) per Class A common share
Numerator:
Net income (loss) allocated to Class A common stockholders	$	7,277	$	(2,949)	$	57,456	$	46,405
Re-allocated earnings	1		—		12		16
Diluted net income (loss) allocated to Class A common stockholders	$	7,278	$	(2,949)	$	57,468	$	46,421
Denominator:
Weighted-average Class A shares issued and outstanding	54,221		52,635		53,961		52,269
Dilutive potential common shares:
Stock options	506		—		483		208
Service-based restricted stock units	417		—		440		658
Performance-based restricted stock units	252		—		277		298
Employee stock purchase plan	19		—		19		22
Diluted weighted-average Class A shares issued and outstanding	55,415		52,635		55,180		53,455
Diluted earnings (loss) per Class A common share	$	0.13	$	(0.06)	$	1.04	$	0.87

The restricted shares issued to Walmart contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing EPS pursuant to the two-class method. The computation above excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The number of weighted average shares issued and outstanding in periods of net loss are the same for basic and diluted EPS, as the effects of including potentially dilutive common shares is anti-dilutive.

For the periods presented, we excluded certain restricted stock units and stock options outstanding (as applicable), which could potentially dilute basic EPS in the future, from the computation of diluted EPS as their effect was anti-dilutive. Additionally, we have excluded any performance-based restricted stock units where the performance contingency has not been met as of the end of the period. The following table shows the weighted-average number of shares excluded from the diluted EPS calculation as their effects were anti-dilutive:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
	(In thousands)
Class A common stock
Options to purchase Class A common stock	139	2,192	139	488
Service-based restricted stock units	108	1,353	204	175
Performance-based restricted stock units	829	705	771	292
Unvested Walmart restricted shares	434	759	514	836
Total	1,510	5,009	1,628	1,791