(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2022

Prior to the reverse recapitalization in connection with the Closing (“Reverse Recapitalization”), all net income was attributable to the noncontrolling interest. For the periods prior to July 20, 2021, earnings per share was not calculated because net income prior to the Business Combination was attributable entirely to OppFi-LLC.

The following table sets forth the computation of basic and diluted (loss) earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net (loss) income attributable to OppFi Inc.	$	(571)	$	14,125	$	3,963	$	14,125
Net (loss) income available to Class A common stockholders - Basic	(571)		14,125		3,963		14,125
Dilutive effect of warrants on net income to Class A common stockholders	—		—		—		—
Net income attributable to noncontrolling interest	—		13,668		4,576		13,668
Income tax provision	—		(3,308)		(1,105)		(3,308)
Net (loss) income available to Class A common stockholders - Diluted	$	(571)	$	24,485	$	7,434	$	24,485
Denominator:
Weighted average Class A common stock outstanding - Basic	13,972,971		13,363,996		13,694,733		13,107,874
Effect of dilutive securities:
Stock options	—		—		—		—
Restricted stock units	—		—		123,722		—
Performance stock units	—		—		11,986		—
Warrants	—		—		—		—
Employee stock purchase plan	—		—		—		—
Units, excluding Earnout Units	—		71,100,787		70,446,836		71,356,909
Dilutive potential common shares	—		71,100,787		70,582,544		71,356,909
Weighted average units outstanding - diluted	13,972,971		84,464,783		84,277,277		84,464,783
(Loss) earnings per share:
Basic	$	(0.04)	$	1.06	$	0.29	$	1.08
Diluted	$	(0.04)	$	0.29	$	0.09	$	0.29

The following table presents securities that have been excluded from the calculation of diluted earnings per share as

their effect would have been anti-dilutive for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Public Warrants	11,887,500	11,887,500	11,887,500	11,887,500
Private Unit Warrants	231,250	231,250	231,250	231,250
$11.50 Exercise Price Warrants	2,248,750	2,248,750	2,248,750	2,248,750
$15 Exercise Price Warrants	912,500	912,500	912,500	912,500
Underwriter Warrants	59,437	59,437	59,437	59,437
Stock Options	1,978,972	5,600,000	2,178,347	5,600,000
Restricted stock units	2,545,635	—	1,718,129	—
Performance stock units	448,720	—	217,730	—
Noncontrolling interest - Earnout Units	25,500,000	25,500,000	25,500,000	25,500,000
Noncontrolling interest - OppFi Units	69,659,100	—	—	—
Potential common stock	115,471,864	46,439,437	44,953,643	46,439,437

Prior Period Financial Statement Revision: The Company has identified adjustments required to correct its previous calculations of diluted earnings per share for the three and nine months ended September 30, 2021. The Company determined that it misapplied the guidance prescribed by FASB ASC 260-10-55-20(b). The misapplication resulted in an overstatement of $0.77 in diluted earnings per share and $0.79 in diluted earnings per share for the three and nine months ended September 30, 2021, respectively.

As a result, the Company assessed the materiality of the revision related to the calculation of diluted earnings per share to prior periods’ financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 99, Materiality (“SAB 99”), and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), codified in FASB ASC 250, Accounting Changes and Error Corrections. The Company determined that the impact of the diluted earnings per share errors was not material to the previously issued annual and interim unaudited consolidated financial statements using the guidance of SAB 99 and 108. Accordingly, the revisions to diluted earnings per share have been reflected in the prior comparative amounts presented in the September 30, 2022 interim financial statements. The revisions had no impact on the Company’s net income or stockholders' equity.