Basic and diluted earnings per share (“EPS”) attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A, Class B, Class C and Class D common stock. The rights of the holders of Class A, Class B, Class C and Class D common stock are identical, except with respect to voting, conversion, and transfer rights.

The undistributed earnings or losses are allocated based on the contractual participation rights of Class A, Class B, Class C and Class D common shares as if the earnings or losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings or losses are allocated on a proportionate basis, and as such, diluted and basic earnings per share is the same for each class of common stock under the two-class method.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(In thousands, except per share data)
Numerator:
Net loss attributable to Class A, Class B, Class C and Class D stockholders	$	(77,902)	$	(45,431)	$	(89,644)	$	(37,938)
Denominator:
Denominator for basic net loss per share - weighted average outstanding shares	44,738,306		48,483,639		44,768,280		48,434,513
Effect of dilutive securities:
Stock options and restricted stock	—		—		—		—
Denominator for diluted net loss per share - weighted-average outstanding shares	44,738,306		48,483,639		44,768,280		48,434,513

Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – basic	$	(1.74)	$	(0.94)	$	(2.00)	$	(0.78)
Net loss attributable to Class A, Class B, Class C and Class D stockholders per share – diluted	$	(1.74)	$	(0.94)	$	(2.00)	$	(0.78)

For the three and six months ended June 30, 2025, there were approximately 6.1 million and 6.0 million potentially dilutive securities, respectively, that were not included in the computation of diluted EPS, because to do so would have been antidilutive for the periods presented. For the three and six months ended June 30, 2024 there were approximately 6.3 million and 5.1 million potentially dilutive securities, respectively excluded from the computation of diluted EPS.