Basic and diluted earnings per share is presented in conformity with the two-class method required for multiple classes of common stock. The rights of the holders of Class A and Class B common stock are identical, except for voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible at any time into one share of Class A common stock.

Basic earnings per share is computed by dividing the net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted earnings per share represents net income divided by the weighted-average number of shares of common stock outstanding, inclusive of the effect of dilutive stock options and RSUs. The undistributed earnings are allocated based on the participation rights of shares of Class A and Class B common stock as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical for both classes, the undistributed earnings are allocated on a proportionate basis.

The calculation of diluted earnings per share for Class A common stock assumes the conversion of Class B common stock, while diluted earnings per share of Class B common stock does not assume the conversion of Class A common stock as Class A common stock is not convertible into Class B common stock. Similarly, outstanding options to purchase Class B common stock and RSUs that are dilutive are included in the calculation of diluted earnings for both Class A and Class B common stock.

In August 2023, our board of directors authorized a stock repurchase program of up to $100 million of our outstanding Class A common stock. Repurchases during any given fiscal period under the repurchase program reduce the weighted-average number of shares of common stock outstanding for the period.

The following table presents the calculation of basic and diluted earnings per share:


	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
	(in thousands, except per share data)
Numerator
Net income	$	5,669	$	4,342	$	8,301	$	7,076	$	12,100	$	9,317	$	14,178	$	12,072
Net loss attributable to non-controlling interest		85		65		—		—		318		245		—		—
Net income attributable to common stockholders — basic		5,754		4,407		8,301		7,076		12,418		9,562		14,178		12,072
Reallocation of undistributed earnings as a result of conversion of Class B to Class A common stock		4,407		—		7,076		—		9,562		—		12,072		—
Reallocation of undistributed earnings to Class B common stock		—		49		—		82		—		140		—		130
Net income attributable to common stockholders — diluted	$	10,161	$	4,456	$	15,377	$	7,158	$	21,980	$	9,702	$	26,250	$	12,202
Denominator
Weighted average shares used to compute earnings per share — basic		40,364		30,919		38,236		32,597		40,265		31,005		38,283		32,597
Conversion of Class B to Class A common stock outstanding		30,919		—		32,597		—		31,005		—		32,597		—
Effect of dilutive stock options and RSUs		615		615		711		711		815		815		658		658
Weighted average number of shares used to compute earnings per share — diluted		71,898		31,534		71,544		33,308		72,085		31,820		71,538		33,255
Earnings per share:
Basic	$	0.14	$	0.14	$	0.22	$	0.22	$	0.31	$	0.31	$	0.37	$	0.37
Diluted	$	0.14	$	0.14	$	0.21	$	0.21	$	0.30	$	0.30	$	0.37	$	0.37