Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Note 14 – Earnings Per Share

Basic net earnings (loss) per share is calculated by dividing the net income (loss) available to Class A common shareholders, excluding net income or loss attributable to Noncontrolling interest, by the weighted average common shares outstanding for the period.

In computing diluted earnings (loss) per share, basic net earnings (loss) per share is adjusted based on the assumption that dilutive RSUs and PRSUs have vested and outstanding Common Units (and shares of Class B Common Stock) held by the Noncontrolling interest in the Partnership are exchanged for common shares. Accordingly, our reported net income (loss) attributable to Class A common shareholders is adjusted due to the elimination of the Noncontrolling interest assuming exchange of the Common Units (and shares of Class B Common Stock) held by the Noncontrolling interest.

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:


	Three Months Ended March 31,
	2023		2022
Numerator:
Net income (loss)	$	113,791	$	(20,661)
Net (income) loss attributable to Noncontrolling interest	(61,792)		10,676
Net income (loss) attributable to Class A common shareholders for Basic EPS	51,999		(9,985)

Adjustment for assumed conversions and elimination of Noncontrolling interest net income (loss)	429		(10,676)
Net income (loss) attributable to Class A common shareholders for Diluted EPS	$	52,428	$	(20,661)

Denominator:
Weighted average shares outstanding used in Basic EPS	18,975		21,107
Effect of dilutive securities:
Common Units and Class B Common Stock that are exchangeable for Class A Common Stock 1	—		—
RSUs and PRSUs 1	648		—
Weighted average shares outstanding used in Diluted EPS 1	19,623		21,107

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1 For the three months ended March 31, 2023 and 2022, 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 earnings per share. For the three months ended March 31, 2022, 0.6 million of RSUs and PRSUs had the effect of being anti-dilutive and were excluded from the calculation of earnings per share.