| Earnings Per Share |
Basic earnings per share is calculated under the Two-Class Method using basic Net income available to Class A Common Stockholders, divided by the weighted average number of shares of Class A Common Stock outstanding during the period.
Diluted earnings per share is calculated using diluted Net income available to Class A Common Stockholders divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities.
The Company's potentially dilutive securities consist of (i) unvested share-based compensation awards, shares issuable under the employee stock purchase plan, and unexercised warrants (prior to completion of the Warrant Exchange) with the dilutive effect calculated using the Treasury Stock Method, and (ii) non-controlling interest THG units and Series A Convertible Preferred Stock, with the dilutive effect calculated using the more dilutive of the If-Converted Method and the Two-Class Method.
In periods in which the Company reports a net loss attributable to Class A Common Stockholders, diluted net loss per share attributable to Class A Common Stockholders would be equal to basic net loss per share because potentially dilutive shares of Class A Common Stock are not assumed to be issued if their effect is anti-dilutive. The following table summarizes the basic and diluted earnings per share calculations for the three and six months ended June 30, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | in thousands (except per share amounts) | | Basic Earnings per Share | | | | | | | | | | | Net income available to Class A Common Stockholders | $ | 8,465 | | | $ | 7,912 | | | $ | 14,505 | | | $ | 4,955 | | | | | Weighted-average shares of Class A Common Stock outstanding | 90,698 | | | 85,687 | | | 90,374 | | | 85,171 | | | | | Basic earnings per share | $ | 0.09 | | | $ | 0.09 | | | $ | 0.16 | | | $ | 0.06 | | | | | | | | | | | | | | | Diluted Earnings per Share | | | | | | | | | | | Net income available to Class A Common Stockholders | $ | 8,465 | | | $ | 7,912 | | | $ | 14,574 | | | $ | 5,007 | | | | | Weighted-average shares of Class A Common Stock outstanding | 90,698 | | | 85,687 | | | 91,247 | | | 86,072 | | | | | Diluted earnings per share | $ | 0.09 | | | $ | 0.09 | | | $ | 0.16 | | | $ | 0.06 | | | | | | | | | | | | | | | Net income available to Class A Common Stockholders | | | | | | | | | | | Net income | $ | 47,202 | | | $ | 42,657 | | | $ | 74,495 | | | $ | 50,856 | | | | | Net income attributable to non-controlling interest | (36,229) | | | (32,279) | | | (55,151) | | | (41,829) | | | | | | | | | | | | | | | Accretion of Series A Convertible Preferred Stock | (1,875) | | | (1,839) | | | (3,750) | | | (3,677) | | | | | Undistributed earnings allocated to Series A Convertible Preferred Stock | (633) | | | (627) | | | (1,089) | | | (395) | | | | | Net income available to Class A Common Stockholders, Basic | 8,465 | | | 7,912 | | | 14,505 | | | 4,955 | | | | | Undistributed earnings allocated to Series A Convertible Preferred Stock | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive THG units | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive Series A Convertible Preferred Stock | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive share-based compensation awards | — | | | — | | | 69 | | | 52 | | | | | Adjustment for potentially dilutive warrants | — | | | — | | | — | | | — | | | | | Net income available to Class A Common Stockholders, Diluted | $ | 8,465 | | | $ | 7,912 | | | $ | 14,574 | | | $ | 5,007 | | | | | | | | | | | | | | | Weighted Average Shares of Class A Common Stock Outstanding | | | | | | | | | | | Weighted average shares of Class A Common Stock outstanding, Basic | 90,698 | | | 85,687 | | | 90,374 | | | 85,171 | | | | | Adjustment for potentially dilutive THG units | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive Series A Convertible Preferred Stock | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive share-based compensation awards | — | | | — | | | 873 | | | 901 | | | | | Adjustment for potentially dilutive warrants | — | | | — | | | — | | | — | | | | | Weighted average shares of Class A Common Stock outstanding, Diluted | 90,698 | | | 85,687 | | | 91,247 | | | 86,072 | | | |
The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings per share of Class A Common Stock as their effect would be anti-dilutive for the three and six months ended June 30, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | in thousands | THG units | 255,105 | | | 255,384 | | | 255,138 | | | 255,441 | | | | | Series A Convertible Preferred Stock | 6,785 | | | 6,785 | | | 6,785 | | | 6,785 | | | | | Unvested shares associated with share-based compensation awards | 8,580 | | | 7,943 | | | 4,453 | | | 3,855 | | | | | Warrants | — | | | 19,484 | | | — | | | 19,484 | | | | | Total | 270,470 | | | 289,596 | | | 266,376 | | | 285,565 | | | |
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