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Net Loss Per Share
12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The Company calculates net income (loss) per share of Class A Common Stock in accordance with ASC 260, Earnings Per Share, which requires the presentation of basic and diluted net income (loss) per share. Basic net income (loss) per share is calculated by dividing net income attributable to Vacasa, Inc. by the weighted-average shares of Class A Common Stock outstanding without the consideration for potential dilutive shares of common stock. Diluted net income (loss) per share represents basic net income (loss) per share adjusted to include the potentially dilutive effect of RSUs, PSUs, SARs, stock options, employee equity units, purchases under the ESPP, and Class G Common Stock. Diluted net income (loss) per share is computed by dividing the net income by the weighted-average number of Class A Common Stock equivalents outstanding for the period determined using the treasury stock method and if-converted method, as applicable. During periods of net loss, diluted loss per share is equal to basic net loss per share because the antidilutive effect of potential common shares is disregarded.

The Company analyzed the calculation of net income (loss) per share for periods prior to the Reverse Recapitalization as described in Note 3, Reverse Recapitalization, and determined that it resulted in values that would not be meaningful to the users of the consolidated financial statements. Therefore, loss per share information has not been presented for periods prior to the Reverse Recapitalization on December 6, 2021. The basic and diluted loss per share of Class A Common Stock for the year ended December 31, 2021 represents only the period of December 6, 2021 to December 31, 2021.
The following is a reconciliation of basic and diluted loss per share of Class A Common Stock for the year ended December 31, 2022 and for the period December 6, 2021 through December 31, 2021 (in thousands, except per share data):

Year Ended December 31,December 6 - December 31,
20222021
Net loss attributable to Class A Common Stockholders for basic and diluted net loss per share$(177,898)$(12,697)
Weighted-average shares for basic and diluted loss per share(1)
223,423 214,794 
Basic and Diluted loss per share of Class A Common Stock$(0.80)$(0.06)

(1) Basic and diluted weighted-average shares outstanding include restricted stock units that have vested but whose settlement into shares of Class A Common Stock has not yet occurred.

Shares of the Company's Class B Common Stock and Class G Common Stock do not participate in earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of Class B Common Stock and Class G Common Stock under the two-class method has not been presented.

The following outstanding potentially dilutive securities were excluded from the calculation of diluted net income (loss) per share of Class A Common Stock either because their impact would have been antidilutive for the period presented or because they were contingently issuable upon the satisfaction of certain market conditions (in thousands):

Year Ended December 31,
2022
OpCo units(1)
197,445 
Restricted stock units5,381 
Performance stock units(2)
2,113 
Stock appreciation rights1,741 
Stock options4,697 
Employee equity units2,020 
Employee stock purchase plan3,499 
Class G Common Stock8,227 
Common shares excluded from calculation of diluted net income (loss) per share225,123 

(1) These securities are neither dilutive or anti-dilutive for the period presented as their assumed redemption for shares of Class A Common Stock would cause a proportionate increase to Net income (loss) attributable to Class A Common Stockholders, diluted.

(2) PSUs are contingently issuable upon the satisfaction of certain market conditions. As of December 31, 2022, none of the requisite market conditions have been met, and therefore all such contingently issuable shares have been excluded from the calculation of diluted loss per share of Class A Common Stock.