Earnings Per Share

12 Months Ended

Dec. 31, 2021

Basic earnings (loss) per share (“EPS”) is computed based on the weighted average number of shares of Class A-1 shares outstanding during the period. Diluted EPS is computed based on the weighted average number of shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, unvested RSUs, contingent earnout shares, and warrants.

Since the shares issuable under the contingent earnout are contingently issuable shares that depend on future earnings or future market prices of the common stock or a change in control, the shares are excluded when computing diluted earnings (loss) per share unless the shares would be issuable if the reporting date was the end of the contingency period. Upon settlement, these shares are included in Class A-1 common stock in the Company’s basic EPS share count.

The components of basic and diluted EPS were as follows (in thousands, except per share amounts):


	2021		2020		2019
Net income (loss)	$	31,559	$	(410)	$	(36,764)
Less: Net income applicable to contingently issuable shares	—		909		—
Net income (loss) on which diluted earnings per share is calculated	$	31,559	$	(1,319)	$	(36,764)

Basic weighted average outstanding shares of common stock	93,781		83,045		61,848
Dilutive effect of stock-based awards for common stock	857		—		—
Dilutive effect of contingent earnout shares before conversion	—		68		—


Diluted weighted average outstanding shares of common stock	94,638		83,113		61,848

Earnings (loss) per share:
Basic	$	0.34	$	—	$	(0.59)
Diluted	$	0.33	$	(0.02)	$	(0.59)

Anti-dilutive stock-based awards, contingent earnout shares and warrants excluded from the calculations of diluted EPS were 4,506,988, 7,224,134, and 28,561,724 for the years ended December 31, 2021, 2020 and 2019, respectively.