Net Income Per Share Attributable to Common Stock

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Common Stock

14. Net Income Per Share Attributable to Common Stock

Basic net income per share attributable to common stockholders is computed by deducting the undeclared dividends on the Series A preferred stock from net income to arrive at net income attributable to common stock and dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income per share attributable to common stock is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. The dilutive effect of outstanding options, RSUs and warrants is reflected in diluted net income per share attributable to common stock by application of the treasury stock method. The calculation of diluted net income per share attributable to common stock excludes all anti-dilutive common shares.

The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net income per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both an individual and combined basis.

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

	Three Months Ended March 31,
	2022		2021
Numerator:
Net income	$	1,718	$	3,638
Undeclared dividends on Series A preferred stock		—		(1,360	)
Net income attributable to common stock	$	1,718	$	2,278
Denominator:
Weighted-average shares of common stock - basic		120,897,576		103,479,239
Dilutive effect of stock options to purchase common stock		4,976,726		2,824,655
Dilutive effect of RSUs		26,347		—
Dilutive effect of warrants		85,861		—
Weighted-average shares of common stock - diluted		125,986,510		106,303,894
Net income per share attributable to common stock
Basic	$	0.01	$	0.02
Diluted	$	0.01	$	0.02

The following table summarizes the securities that were excluded from the computation of diluted net income per share attributable to common stock as their inclusion would have been antidilutive:

	Three Months Ended March 31,
	2022		2021
RSUs		7,748		—