Schedule of Calculation of Basic and Diluted Earnings per Share |
The following table presents the calculation of basic and diluted earnings per share:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Class A |
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Class B |
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Class A |
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Class B |
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Class A |
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Class B |
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Class A |
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Class B |
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(in thousands, except per share data) |
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Numerator |
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Net income |
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$ |
5,669 |
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$ |
4,342 |
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$ |
8,301 |
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$ |
7,076 |
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$ |
12,100 |
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$ |
9,317 |
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$ |
14,178 |
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$ |
12,072 |
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Net loss attributable to non-controlling interest |
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85 |
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65 |
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— |
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— |
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318 |
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245 |
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— |
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— |
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Net income attributable to common stockholders — basic |
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5,754 |
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4,407 |
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8,301 |
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7,076 |
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12,418 |
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9,562 |
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14,178 |
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12,072 |
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Reallocation of undistributed earnings as a result of conversion of Class B to Class A common stock |
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4,407 |
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— |
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7,076 |
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— |
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9,562 |
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— |
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12,072 |
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— |
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Reallocation of undistributed earnings to Class B common stock |
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— |
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49 |
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— |
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82 |
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— |
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140 |
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— |
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130 |
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Net income attributable to common stockholders — diluted |
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$ |
10,161 |
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$ |
4,456 |
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$ |
15,377 |
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$ |
7,158 |
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$ |
21,980 |
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$ |
9,702 |
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$ |
26,250 |
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$ |
12,202 |
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Denominator |
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Weighted average shares used to compute earnings per share — basic |
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40,364 |
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30,919 |
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38,236 |
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32,597 |
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40,265 |
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31,005 |
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38,283 |
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32,597 |
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Conversion of Class B to Class A common stock outstanding |
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30,919 |
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— |
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32,597 |
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— |
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31,005 |
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— |
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32,597 |
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— |
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Effect of dilutive stock options and RSUs |
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615 |
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615 |
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711 |
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711 |
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815 |
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815 |
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658 |
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658 |
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Weighted average number of shares used to compute earnings per share — diluted |
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71,898 |
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31,534 |
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71,544 |
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33,308 |
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72,085 |
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31,820 |
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71,538 |
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33,255 |
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Earnings per share: |
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Basic |
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$ |
0.14 |
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$ |
0.14 |
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$ |
0.22 |
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$ |
0.22 |
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$ |
0.31 |
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$ |
0.31 |
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$ |
0.37 |
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$ |
0.37 |
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Diluted |
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$ |
0.14 |
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$ |
0.14 |
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$ |
0.21 |
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$ |
0.21 |
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$ |
0.30 |
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$ |
0.30 |
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$ |
0.37 |
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$ |
0.37 |
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Schedule of Antidilutive Securities Excluded from Computation of Basic and Diluted Earnings per Share |
The following have been excluded from the computation of basic and diluted earnings per share as their effect would have been anti-dilutive (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Stock options to purchase Class A and Class B common stock, and RSUs |
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1,470 |
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1,385 |
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1,224 |
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1,561 |
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