5. Equity

Non-controlling Interest

We hold an economic interest and are the sole managing member in Spark HoldCo, with affiliates of our Founder and majority shareholder holding the remaining economic interests in Spark HoldCo. As a result, we consolidate the financial position and results of operations of Spark HoldCo, and reflect the economic interests owned by these affiliates as a non-controlling interest. The Company and affiliates owned the following economic interests in Spark HoldCo at December 31, 2018 and June 30, 2019, respectively.



	The Company		Affiliated Owners
December 31, 2018	40.53	%	59.47	%
June 30, 2019	41.04	%	58.96	%

The following table summarizes the portion of net income (loss) and income tax expense (benefit) attributable to non-controlling interest (in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018

Net (loss) income allocated to non-controlling interest	$	(18,888	)	$	15,523	$	(17,895	)	$	(15,586	)
Income tax (benefit) expense allocated to non-controlling interest	(519		)	381		(1,489		)	(2		)
Net (loss) income attributable to non-controlling interest	$	(18,369	)	$	15,142	$	(16,406	)	$	(15,584	)

Class A Common Stock and Class B Common Stock

Holders of the Company's Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or by our certificate of incorporation.

Dividends declared for the Company's Class A common stock are reported as a reduction of retained earnings, or a reduction of additional paid in capital to the extent retained earnings are exhausted. During the six months ended June 30, 2019, we paid $5.2 million in dividends to the holders of the Company's Class A common stock.

In order to pay our stated dividends to holders of our Class A common stock, our subsidiary, Spark HoldCo is required to make corresponding distributions to holders of its units, including those holders that own our Class B common stock (our non-controlling interest holder). As a result, during the six months ended June 30, 2019, Spark HoldCo made corresponding distributions of $7.5 million to our non-controlling interest holders.

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income attributable to stockholders (the numerator) by the weighted-average number of Class A common shares outstanding for the period (the denominator). Class B common shares are not included in the calculation of basic earnings per share because they are not participating securities and have no economic interests. Diluted earnings per share is similarly calculated except that the denominator is increased by potentially dilutive securities.

The following table presents the computation of basic and diluted income (loss) per share for the three and six months ended June 30, 2019 and 2018 (in thousands, except per share data):



	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Net (loss) income attributable to Spark Energy, Inc. stockholders	$	(7,115	)	$	8,785	$	(6,333	)	$	(2,320	)
Less: Dividend on Series A preferred stock	2,027			2,027		4,054			4,054
Net (loss) income attributable to stockholders of Class A common stock	$	(9,142	)	$	6,758	$	(10,387	)	$	(6,374	)

Basic weighted average Class A common shares outstanding	14,246			13,229		14,191			13,183
Basic (loss) income per share attributable to stockholders	$	(0.64	)	$	0.51	$	(0.73	)	$	(0.48	)

Net (loss) income attributable to stockholders of Class A common stock	$	(9,142	)	$	6,758	$	(10,387	)	$	(6,374	)
Effect of conversion of Class B common stock to shares of Class A common stock	(16,557		)	—		(15,242		)	(11,601		)
Diluted net (loss) income attributable to stockholders of Class A common stock	$	(25,699	)	$	6,758	$	(25,629	)	$	(17,975	)

Basic weighted average Class A common shares outstanding	14,246			13,229		14,191			13,183
Effect of dilutive Class B common stock	20,800			—		20,800			21,485
Effect of dilutive restricted stock units	—			17		—			—
Diluted weighted average shares outstanding	35,046			13,246		34,991			34,668

Diluted (loss) income per share attributable to stockholders	$	(0.73	)	$	0.51	$	(0.73	)	$	(0.52	)

The computation of diluted earnings per share for the three and six months ended June 30, 2019 excludes 0.8 million restricted stock units because the effect of their conversion was antidilutive. The Company's outstanding shares of Series A Preferred Stock were not included in the calculation of diluted earnings per share because they contain only contingent redemption provisions that have not occurred.

Variable Interest Entity

Spark HoldCo is a variable interest entity due to its lack of rights to participate in significant financial and operating decisions and its inability to dissolve or otherwise remove its management. Spark HoldCo owns all of the outstanding membership interests in each of our operating subsidiaries. We are the sole managing member of Spark HoldCo, manage Spark HoldCo's operating subsidiaries through this managing membership interest, and are considered the primary beneficiary of Spark HoldCo. The assets of Spark HoldCo cannot be used to settle our obligations except through distributions to us, and the liabilities of Spark HoldCo cannot be settled by us except through contributions to Spark HoldCo. The following table includes the carrying amounts and classification of the assets and liabilities of Spark HoldCo that are included in our condensed consolidated balance sheet as of June 30, 2019 and December 31, 2018 (in thousands):



	June 30, 2019		December 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	27,486	$	36,724
Accounts receivable	103,680		150,866
Other current assets	66,726		92,963
Total current assets	197,892		280,553
Non-current assets:
Goodwill	120,343		120,343
Other assets	40,468		47,159
Total non-current assets	160,811		167,502
Total Assets	$	358,703	$	448,055

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	72,251	$	79,692
Contingent consideration	1,328		1,328
Other current liabilities	54,839		59,330
Total current liabilities	128,418		140,350
Long-term liabilities:
Long-term portion of Senior Credit Facility	94,000		129,500
Subordinated debt — affiliate	—		10,000
Other long-term liabilities	4,838		319
Total long-term liabilities	98,838		139,819
Total Liabilities	$	227,256	$	280,169