Basic and Diluted Net Income per Share

Basic net income per share has been computed by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income per share has been computed in a manner consistent with that of basic net income per share while giving effect to all shares of potentially dilutive common stock that were outstanding during the period. The following table presents the calculation of basic and diluted net income per share under the two-class method.


	Three Months Ended March 31,
	2025		2024
Net income	$	19.5	$	28.5
Less: Net income attributable to noncontrolling interests	(2.8)		(7.9)

Net income attributable to common stockholders - basic	16.7		20.6
Reallocation of net income from noncontrolling interests to common stockholders due to effect of dilutive securities	1.7		0.1
Net income attributable to common stockholders - diluted	$	18.4	$	20.7

Numerator - allocation of net income attributable to common stockholders:
Net income allocated to Class A common stock - basic	$	16.4	$	20.1
Reallocation of net income from noncontrolling interests to common stockholders due to effect of dilutive securities	1.7		0.1
Net income allocated to Class A common stock - diluted	$	18.1	$	20.2

Net income allocated to Class C common stock - basic	$	0.3	$	0.5
Reallocation of net income from noncontrolling interests to common stockholders due to effect of dilutive securities	—		—
Net income allocated to Class C common stock - diluted	$	0.3	$	0.5

Denominator:
Weighted average shares of Class A common stock outstanding - basic (a)	67,700,208		64,444,479
Effect of dilutive securities:
LLC Interests (b)	19,801,028		—
RSUs	1,324,385		1,517,750
2025 Convertible Notes	1,878,115		—
Weighted average shares of Class A common stock outstanding - diluted	90,703,736		65,962,229

Weighted average shares of Class C common stock outstanding - basic and diluted	1,452,252		1,694,915

Net income per share - basic:
Class A common stock	$	0.24	$	0.31
Class C common stock	$	0.24	$	0.31
Net income per share - diluted:
Class A common stock	$	0.20	$	0.31
Class C common stock	$	0.20	$	0.31

(a) For the three months ended March 31, 2024, included 3,733,306 shares that had been committed but not issued as of March 31, 2024 primarily related to the acquisition of Finaro.

(b) For the three months ended March 31, 2024, 23,831,883 LLC Interests were excluded from the calculation of diluted net income per share as the effect would be anti-dilutive.

Diluted EPS was computed using the treasury stock method for RSUs and the if-converted method for convertible instruments.

For the three months ended March 31, 2025, the Company has excluded from the calculation of diluted net income per share the effect of the following:

•the conversion of the 2027 Convertible Notes, as the weighted average sales price of the Company’s Class A common stock was less than the conversion price per the terms of the agreement, and

•shares of the Company’s Class A common stock to be issued in connection with an earnout for the period prior to the issuance of such shares.

For the three months ended March 31, 2024, the Company has excluded from the calculation of diluted net income per share the effect of the following:

•the conversion of the 2025 Convertible Notes and 2027 Convertible Notes, as the weighted average sales price of the Company’s Class A common stock was less than the conversion price per the terms of each respective agreement, and

•shares of the Company’s Class A common stock to be issued in connection with certain earnouts for the period prior to the issuance of such shares.