| Earnings Per Share |
18 — Earnings Per Share
Basic earnings (loss) per share is calculated under the Two-Class Method using basic Net income (loss) available to Class A Common Stockholders, divided by the weighted average number of shares of Class A Common Stock outstanding during the period.
Diluted earnings (loss) per share is calculated using diluted Net income (loss) available to Class A Common Stockholders divided by the weighted average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities.
The Company's potentially dilutive securities consist of (i) unvested RSUs and shares issuable under the ESPP, with the dilutive effect calculated using the Treasury Stock Method; (ii) unvested PRSUs, with the dilutive effect calculated using the Contingently Issuable Method; and (iii) non-controlling interest THG units and Series A Convertible Preferred Stock, with the dilutive effect calculated using the more dilutive of the If-Converted Method and the Two-Class Method.
In periods in which the Company reports a net loss attributable to Class A Common Stockholders, diluted net loss per share attributable to Class A Common Stockholders is equal to basic net loss per share because potentially dilutive shares of Class A Common Stock are not assumed to be issued if their effect is anti-dilutive. The following table summarizes the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | Basic Earnings (Loss) per Share | in thousands (except per share amounts) | | Net income (loss) available to Class A Common Stockholders | $ | (1,668) | | | $ | 8,465 | | | $ | (8,189) | | | $ | 14,505 | | | | | Weighted average shares of Class A Common Stock outstanding | 101,797 | | | 90,698 | | | 101,418 | | | 90,374 | | | | | Basic earnings (loss) per share | $ | (0.02) | | | $ | 0.09 | | | $ | (0.08) | | | $ | 0.16 | | | | | | | | | | | | | | | Diluted Earnings (Loss) per Share | | | | | | | | | | | Net income (loss) available to Class A Common Stockholders | $ | (1,668) | | | $ | 8,465 | | | $ | (8,189) | | | $ | 14,574 | | | | | Weighted average shares of Class A Common Stock outstanding | 101,797 | | | 90,698 | | | 101,418 | | | 91,247 | | | | | Diluted earnings (loss) per share | $ | (0.02) | | | $ | 0.09 | | | $ | (0.08) | | | $ | 0.16 | | | | | | | | | | | | | | | Net income available to Class A Common Stockholders | | | | | | | | | | | Net income (loss) | $ | 8,041 | | | $ | 47,202 | | | $ | (4,704) | | | $ | 74,495 | | | | | Net (income) loss attributable to non-controlling interest | (7,761) | | | (36,229) | | | 493 | | | (55,151) | | | | | Accretion of Series A Convertible Preferred Stock | (1,948) | | | (1,875) | | | (3,978) | | | (3,750) | | | | | Undistributed earnings allocated to Series A Convertible Preferred Stock | — | | | (633) | | | — | | | (1,089) | | | | | Net income (loss) available to Class A Common Stockholders, Basic | (1,668) | | | 8,465 | | | (8,189) | | | 14,505 | | | | | Undistributed earnings reallocated to Series A Convertible Preferred Stock | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive THG units | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive Series A Convertible Preferred Stock | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive share-based compensation awards | — | | | — | | | — | | | 69 | | | | | Net income (loss) available to Class A Common Stockholders, Diluted | $ | (1,668) | | | $ | 8,465 | | | $ | (8,189) | | | $ | 14,574 | | | | | | | | | | | | | | | Weighted Average Shares of Class A Common Stock Outstanding | | | | | | | | | | | Weighted average shares of Class A Common Stock outstanding, Basic | 101,797 | | | 90,698 | | | 101,418 | | | 90,374 | | | | | Adjustment for potentially dilutive THG units | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive Series A Convertible Preferred Stock | — | | | — | | | — | | | — | | | | | Adjustment for potentially dilutive share-based compensation awards | — | | | — | | | — | | | 873 | | | | | Weighted average shares of Class A Common Stock outstanding, Diluted | 101,797 | | | 90,698 | | | 101,418 | | | 91,247 | | | |
The following table summarizes the weighted average potential shares of Class A Common Stock excluded from diluted earnings (loss) per share of Class A Common Stock as their effect would be anti-dilutive or, for certain PRSUs, the performance conditions were not met for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | in thousands | THG units | 245,001 | | | 255,105 | | | 245,051 | | | 255,138 | | | | | Series A Convertible Preferred Stock | 6,785 | | | 6,785 | | | 6,785 | | | 6,785 | | | | | Unvested shares associated with share-based compensation awards | 7,951 | | | 8,580 | | | 7,979 | | | 4,453 | | | | | | | | | | | | | | | Total | 259,737 | | | 270,470 | | | 259,815 | | | 266,376 | | | |
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