(LOSS) EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

The following table sets forth the computation of net (loss) income used to compute basic and diluted net earnings per share of Class A common stock for the three and nine months ended September 30, 2024 and September 30, 2023, respectively. Shares of Class B common stock did not participate in the Company's income or loss and are, therefore, not participating securities.


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Basic and diluted:
Net (loss) income	$	(85,474)	$	38,049	$	(34,804)	$	81,496
Less: Net loss (income) attributable to non-controlling interest	43,414		(30,574)		18,414		(65,653)
Net (loss) income attributable to Class A Common Stockholders - basic	$	(42,060)	$	7,475	$	(16,390)	$	15,843
Plus: adjustment to net income due to net effect of equity awards, exchangeable notes	—		4,810		—		10,705
Net (loss) income attributable to Class A Common Stockholders after adjustment	$	(42,060)	$	12,285	$	(16,390)	$	26,548
Weighted average common shares outstanding used in computing net (loss) income per share - basic	38,212,440		19,074,679		28,109,632		18,420,069
Plus: net effect of dilutive equity awards, exchangeable notes and Class B units - diluted	—		16,689,975		—		16,941,990
Weighted average common shares outstanding used in computing net (loss) income per share - diluted	38,212,440		35,764,654		28,109,632		35,362,059
Net (loss) income per share—basic	$	(1.10)	$	0.39	$	(0.58)	$	0.86
Net (loss) income per share—diluted	$	(1.10)	$	0.34	$	(0.58)	$	0.75

Basic loss per share for the three months ended September 30, 2024 was calculated by dividing net loss attributable to Class A Common stockholders of $42,060 divided by 38,212,440 of weighted average Class A common shares outstanding at September 30, 2024. Diluted loss per share for the three months ended September 30, 2024 was calculated by dividing net loss adjusted for the net effect of dilutive equity awards, exchangeable notes and Class B units of $42,060 divided by 38,212,440 of weighted average common shares after adjusting for the net effect of dilutive equity awards, exchangeable notes and Class B units outstanding at September 30, 2024.

Basic earnings per share for the three months ended September 30, 2023 was calculated by dividing net income attributable to Class A Common stockholders of $7,475 divided by 19,074,679 of weighted average Class A common shares outstanding at September 30, 2023. Diluted earnings per share for the three months ended September 30, 2023 was calculated by dividing net income adjusted for the net effect of dilutive equity awards and exchangeable notes of $12,285, divided by 35,764,654 of weighted average common shares after adjusting for the net effect of dilutive equity awards and exchangeable notes outstanding at September 30, 2023.

Basic loss per share for the nine months ended September 30, 2024 was calculated by dividing net loss attributable to Class A Common stockholders of $16,390 divided by 28,109,632 of weighted average Class A common shares outstanding at September 30, 2024. Diluted loss per share for the nine months ended September 30, 2024 was calculated by dividing net loss adjusted for the net effect of dilutive equity awards exchangeable notes and Class B units of $16,390 divided by 28,109,632 of weighted average common shares after adjusting for the net effect of dilutive equity awards, exchangeable notes and Class B units outstanding at September 30, 2024.

Basic earnings per share for the nine months ended September 30, 2023 was calculated by dividing net income attributable to Class A Common stockholders of $15,843 divided by 18,420,069 of weighted average Class A common

shares outstanding at September 30, 2023. Diluted earnings per share for the nine months ended September 30, 2023 was calculated by dividing net income adjusted for the net effect of dilutive equity awards and exchangeable notes of $26,548, divided by 35,362,059 of weighted average common shares after adjusting for the net effect of dilutive equity awards and exchangeable notes outstanding at September 30, 2023.

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when the exercise price exceeds the average closing price of the Company’s common stock during the period, because their inclusion would result in an antidilutive effect on per share amounts. The Company applied the if-converted method for the Exchangeable Notes to calculate diluted earnings per share in accordance with ASU 2020-06.

The following amounts were not included in the calculation of net earnings per diluted share because their effects were anti-dilutive:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Potentially dilutive securities:
Warrants	22,415,200	22,415,400	22,415,200	22,415,400
Class B units	—	59,958,422	—	59,958,422

Earnout consideration shares	7,500,000	7,500,000	7,500,000	7,500,000
Equity awards	5,978	174,091	80,978	2,654,012