4. Equity

Non-controlling Interest

We hold an economic interest and are the sole managing member in Spark HoldCo, with affiliates of our Founder, majority shareholder and interim Chief Executive Officer 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 March 31, 2020 and December 31, 2019, respectively.



	The Company		Affiliated Owners
March 31, 2020	41.07	%	58.93	%
December 31, 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 March 31,
	2020		2019

Net income allocated to non-controlling interest	$	6,085	$	993
Income tax expense (benefit) allocated to non-controlling interest	496		(970		)
Net income attributable to non-controlling interest	$	5,589	$	1,963

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 three months ended March 31, 2020, we paid $2.6 million in dividends to the holders of the Company's Class A common stock. This dividend represented a quarterly rate of $0.18125 per share on each share of 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 three months ended March 31, 2020, Spark HoldCo made corresponding distributions of $3.8 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 months ended March 31, 2020 and 2019 (in thousands, except per share data):



	Three Months Ended March 31,
	2020		2019
Net income attributable to Spark Energy, Inc. stockholders	$	4,479	$	782
Less: Dividend on Series A preferred stock	1,500		2,027
Net income (loss) attributable to stockholders of Class A common stock	$	2,979	$	(1,245	)

Basic weighted average Class A common shares outstanding	14,381		14,135
Basic income (loss) per share attributable to stockholders	$	0.21	$	(0.09	)

Net income (loss) attributable to stockholders of Class A common stock	$	2,979	$	(1,245	)
Effect of conversion of Class B common stock to shares of Class A common stock	—		—
Diluted net income (loss) attributable to stockholders of Class A common stock	$	2,979	$	(1,245	)

Basic weighted average Class A common shares outstanding	14,381		14,135
Effect of dilutive Class B common stock	—		—
Effect of dilutive restricted stock units	403		—
Diluted weighted average shares outstanding	14,784		14,135

Diluted income (loss) per share attributable to stockholders	$	0.20	$	(0.09	)

The computation of diluted earnings per share for the three months ended March 31, 2020 excludes 20.8 million shares of Class B common stock 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 March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	54,196	$	56,598
Accounts receivable	79,801		113,635
Other current assets	69,419		64,476
Total current assets	203,416		234,709
Non-current assets:
Goodwill	120,343		120,343
Other assets	36,787		37,826
Total non-current assets	157,130		158,169
Total Assets	$	360,546	$	392,878

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	70,482	$	86,097
Other current liabilities	80,107		65,863
Total current liabilities	150,589		151,960
Long-term liabilities:
Long-term portion of Senior Credit Facility	95,000		123,000
Other long-term liabilities	2,029		712
Total long-term liabilities	97,029		123,712
Total Liabilities	$	247,618	$	275,672