Basic earnings per share of Class A Common Stock is computed by dividing net income attributable to DMS Inc. by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per share of Class A Common Stock is computed by dividing net income attributable to DMS Inc. adjusted for the income effects of dilutive instruments by the weighted-average number of shares of Class A Common Stock outstanding adjusted to give effect to potentially dilutive elements.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net (loss) income	$	(10,121)	$	5,394	$	(27,365)	$	10,121

Net (loss) income attributable to non-controlling interest	(4,010)		$	1,858	(10,765)		4,217
Net (loss) income attributable to Digital Media Solutions, Inc. - basic	$	(6,111)	$	3,536	$	(16,600)	$	5,904

Add: Income effects of Class B convertible common stock	$	(4,010)	$	1,858	$	—	$	4,217

Net (loss) income attributable to Digital Media Solutions, Inc. - diluted	$	(10,121)	$	5,394	$	(16,600)	$	10,121

Denominator:
Weighted average shares - basic	39,961		36,511		37,644		35,050
Add: dilutive effects of Class B convertible common stock	25,699		25,853		—		25,853
Add: dilutive effects of employee equity awards	—		267		—		515

Add: dilutive effects of public warrants	—		—		—		168
Add: dilutive effects of deferred consideration	—		690		—		402
Weighted average shares - diluted	65,660		63,321		37,644		61,988

Net earnings (loss) per common share:
Basic	$	(0.15)	$	0.10	$	(0.44)	$	0.17
Diluted	$	(0.15)	$	0.09	$	(0.44)	$	0.16

Shares of the Company’s Class B convertible common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate basic and diluted earnings per share of Class B convertible common stock under the two-class method has not been presented.

For the three and nine months ended September 30, 2022, the Company excluded 4.0 million private warrants, 10.0 million public warrants, 5.0 million deferred consideration, 1.7 million stock options, 1.0 million RSUs, and 0.3 million PRSUs, respectively, as their effect would have been anti-dilutive. For the nine months ended September 30, 2022, the Company excluded the Class B convertible common stock, as their effect would have been anti-dilutive.

For the three months ended September 30, 2021, the Company excluded 4.0 million private warrants, 10.0 million public warrants, 1.9 million employee equity awards, as the effect was anti-dilutive. For the nine months ended September 30, 2021, the Company excluded 4.0 million private warrants and approximately 1.9 million employee equity awards, as their effect would have been anti-dilutive.