v3.26.1
Net Income (Loss) Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The following table presents the calculation of basic and diluted net income (loss) per share:
Three Months Ended
March 31,
(in thousands except share data and per share amounts)20262025
Basic
Net income (loss)$14,046 $(2,334)
Less: net income (loss) attributable to non-controlling interest2,579 (386)
Net income (loss) attributable to MediaAlpha, Inc.$11,467 $(1,948)
Denominator:
Weighted-average shares of Class A common stock outstanding - basic
55,846,097 55,632,321 
Weighted-average shares of Class A common stock outstanding - diluted
55,846,097 55,632,321 
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - basic
$0.21 $(0.04)
Net income (loss) attributable to MediaAlpha, Inc. per share of Class A common stock - diluted
$0.21 $(0.04)
Potentially dilutive shares, which are based on the weighted-average shares of underlying unvested QLH restricted Class B-1 units, restricted Class A shares, restricted stock units, and PRSUs using the treasury stock method and the outstanding QLH restricted Class B-1 units using the if-converted method, are included when calculating diluted net income (loss) per share attributable to MediaAlpha, Inc. when their effect is dilutive. The effects of the Company’s potentially dilutive securities were not included in the calculation of diluted income (loss) per share as the effect of their inclusion would be anti-dilutive.
The following table summarizes the shares and units with a potentially dilutive impact for the three months ended March 31, 2026 and 2025:
As of
March 31, 2026March 31, 2025
QLH Class B-1 Units8,324,220 11,609,982 
Restricted stock units6,937,524 6,018,424 
Potentially dilutive shares15,261,744 17,628,406 
The outstanding PRSUs were not included in the potentially dilutive securities as of March 31, 2026 as the performance conditions have not been met.