Annual report pursuant to Section 13 and 15(d)

Earnings Per Share (Tables)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Components of Calculation of Basic and Diluted Earnings Per Share

The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings (loss) per share for the periods presented:


	Year Ended December 31,
Numerator:	2022		2021		2020
Net income (loss)	$	464,518	$	98,918	$	(310,557)
Net income attributable to Noncontrolling interest	(246,825)		(58,689)		—
Net income (loss) attributable to Class A common shareholders for Basic EPS	217,693		40,229		(310,557)
Adjustment for assumed conversions of RSUs and PRSUs	1,628		—		—
Adjustment for assumed conversions and elimination of Noncontrolling interest net income	—		58,689		—
Net income (loss) attributable to Class A common shareholders for Diluted EPS	$	219,321	$	98,918	$	(310,557)

Denominator:
Weighted average shares outstanding used in Basic EPS	20,205		16,695		15,176
Effect of dilutive securities:
Common Units and Series A Preferred Stock or Class B Common Stock, as applicable, that are exchangeable for Class A Common Stock 1, 2	—		—		—
RSUs and PRSUs 2	621		470		—
Weighted average shares outstanding used in Diluted EPS 2	20,826		17,165		15,176

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1 In connection with the Juniper Transactions in January 2021, we issued shares of Series A Preferred Stock. In October 2021, the Company effected a recapitalization and the Series A Preferred Stock were exchanged with Class B Common Stock and the designation of the Series A Preferred Stock was cancelled.

2 For the years ended December 31, 2022 and 2021, approximately 22.5 million potentially dilutive Common Units (and the associated 22.5 million Class B Common Stock) had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share. For the year ended December 31, 2020, approximately 0.1 million potentially dilutive securities, represented by RSUs and PRSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.

Schedule of Changes in Ownership Interest in Consolidated Subsidiaries

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented:


	Year Ended December 31,
	2022		2021		2020
Net income (loss) attributable to Class A common shareholders	$	217,693	$	40,229	$	(310,557)
Transfers (to) from the noncontrolling interest, net 1	16,796		$	(57,604)	N/A
Change from net income (loss) attributable to Class A common shareholders and net transfers to Noncontrolling interest	$	234,489	$	(17,375)	$	(310,557)

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1 The year ended December 31, 2022 includes a net transfer of $16.8 million from Noncontrolling interest for share repurchases and common stock issuances related to employees’ share-based compensation with a corresponding adjustment to Paid-in capital. The year ended December 31, 2021 includes a net transfer to Noncontrolling interest of $57.6 million related to (i) the Class A common stock issuances and (2) the relative proportionate share of net assets acquired in the Lonestar Acquisition with a corresponding adjustment to Paid-in capital. These equity adjustments had no impact on earnings other than a resulting increase (decrease) to the noncontrolling interest proportionate share of net income (loss) and a corresponding increase (decrease) to the proportionate share of net income (loss) attributable to common shareholders.