The Company has Class A common stock and Class B convertible common stock outstanding. Because the only difference between the two classes of common stock are related to voting, transfer and conversion rights, the Company has not presented earnings per share under the two-class method, as earnings per share are the same for both Class A common stock and Class B convertible common stock.

The computation of basic net income (loss) per share (“EPS”) is based on the weighted-average number of shares that were outstanding during the period, including shares of common stock that are issuable at the end of the reporting period. The computation of diluted EPS is based on the number of basic weighted-average shares outstanding plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common stock equivalents. Common stock equivalents consist of shares issuable upon the exercise of stock options and vesting of RSUs and PSUs.


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except share and per share data)	2022		2021		2022		2021
Numerator:
Net income (loss) available to common shareholders	$	5,365	$	11,636	$	24,680	$	(77,800)
Denominator:
Weighted-average common shares outstanding – basic	98,299,612		97,290,174		97,854,944		93,994,896
Effect of dilutive securities	3,620,801		12,135,837		5,218,264		—
Weighted-average common shares outstanding – diluted	101,920,413		109,426,011		103,073,208		93,994,896
Net income (loss) per common share:
Basic	$	0.05	$	0.12	$	0.25	$	(0.83)
Diluted	$	0.05	$	0.11	$	0.24	$	(0.83)

Since the Company was in a net loss position for the nine months ended September 30, 2021, diluted EPS is equal to basic EPS for that period as the inclusion of potential common stock equivalents would have been anti-dilutive. The Company excluded 3,486,107 and 12,309 potential common stock equivalents from the computation of diluted EPS for the three months ended September 30, 2022 and 2021, respectively, and 2,696,701 and 23,607 potential common stock equivalents from the computation of diluted EPS for the nine months ended September 30, 2022 and 2021, respectively, because the effect would have been anti-dilutive. There were 4,657,008 potential common stock equivalents outstanding as of September 30, 2022 with market conditions which were not met at that date, that were excluded from the calculation of diluted EPS. In addition, the Company excluded 5,578,525 potential common stock equivalents from the computation of diluted EPS for the nine months ended September 30, 2021 since the Company was in a net loss position; however, these awards would have been dilutive if the Company was in a net income position.