v3.25.2
Earnings per Share (Tables)
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Earnings per Share

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

 

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):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Stock options to purchase Class A
   and Class B common stock, and RSUs

 

 

1,470

 

 

 

1,385

 

 

 

1,224

 

 

 

1,561