NET INCOME PER SHARE

9 Months Ended

Sep. 30, 2021

Basic net income per share is computed by dividing net income attributable to Class A and Class B common stockholders by the weighted-average number of shares of each respective class of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to Class A and Class B common stockholders by the weighted-average number of each respective class of common stock outstanding, including the potential dilutive securities. For the calculation of diluted net income per share, net income attributable to Class A and Class B common stockholders is adjusted to reflect the potential effect of dilutive securities.

As result of the reverse recapitalization, the Company has retroactively adjusted the weighted average shares outstanding prior to the Business Combination to give effect to the Exchange Ratio used to determine the number of shares of common stock into which they were converted.

The following table sets forth the computation of basic and diluted net income attributable to Class A and Class B common stockholders per share (in thousands except per share data):


	Three Months Ended September 30, 2021				Three Months Ended September 30, 2020

	Class A		Class B			Class A		Class B
Numerator

Net income attributable to common stockholders – basic	$	9,796	$	1,440		$	4,071	$	1,049
Potential dilutive effect of stock options	(15)		15			43		(43)
Net income attributable to common stockholders – diluted	$	9,781	$	1,455		$	4,114	$	1,006
Denominator
Weighted average shares of common stock outstanding - basic	109,693		16,130			73,619		18,977
Potential dilutive effect of stock options	11,123		1,849			10,811		1,671
Weighted average shares of common stock outstanding - diluted	120,816		17,979			84,430		20,648
Net income attributable to common stockholders per share
Basic	$	0.09	$	0.09		$	0.06	$	0.06
Diluted	$	0.08	$	0.08		$	0.05	$	0.05


	Nine Months Ended September 30, 2021				Nine Months Ended September 30, 2020

	Class A		Class B			Class A		Class B
Numerator

Net income attributable to common stockholders – basic	$	8,809	$	1,310		$	18,755	$	4,816
Potential dilutive effect of stock options	(207)		207			116		(116)
Net income attributable to common stockholders – diluted	$	8,602	$	1,517		$	18,871	$	4,700
Denominator
Weighted average shares of common stock outstanding - basic	90,750		16,130			73,902		18,977
Potential dilutive effect of stock options	11,686		1,950			7,659		1,338
Weighted average shares of common stock outstanding - dilutive	102,436		18,080			81,561		20,315
Net income attributable to common stockholders per share
Basic	$	0.10	$	0.08		$	0.25	$	0.25
Diluted	$	0.08	$	0.08		$	0.23	$	0.23

For the periods presented above, the net income per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Certificate of Incorporation. The undistributed earnings for each period are allocated based on the contractual

participation rights of the Class A and Class B common stock as if the earnings for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.

The following equity awards outstanding at the end of each period presented have been excluded from the computation of diluted net income per share of common stock for the periods presented due to their anti-dilutive effect:


	Three Months Ended September 30,		Nine Months Ended September 30, 2021
	2021	2020	2021	2020
Stock options	51	3,875	—	6,616
Public Warrants	7,175	—	7,175	—
Private Warrants	3,821	—	3,821	—
Earnout Shares	15,000	—	15,000	—
	26,047	3,875	25,996	6,616