v3.24.1.u1
Earnings per Share (Tables)
3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Earnings per Share

The following table presents the calculation of basic and diluted earnings per share:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

 

Class A

 

 

Class B

 

 

Class A

 

 

Class B

 

 

 

(in thousands, except per share data)

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5,875

 

 

$

4,998

 

 

$

7,876

 

 

$

6,296

 

Reallocation of undistributed earnings as a result of conversion of Class B to Class A common stock

 

 

4,998

 

 

 

—

 

 

 

6,296

 

 

 

—

 

Reallocation of undistributed earnings to Class B common stock

 

 

—

 

 

 

50

 

 

 

—

 

 

 

107

 

Net income attributable to common
   stockholders — diluted

 

$

10,873

 

 

$

5,048

 

 

$

14,172

 

 

$

6,403

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used
   to compute earnings per
   share — basic

 

 

38,322

 

 

 

32,597

 

 

 

40,773

 

 

 

32,597

 

Conversion of Class B to Class A
   common stock outstanding

 

 

32,597

 

 

 

—

 

 

 

32,597

 

 

 

—

 

Effect of dilutive stock options
   and RSUs

 

 

604

 

 

 

604

 

 

 

1,009

 

 

 

1,009

 

Weighted average number of shares
   used to compute earnings
   per share — diluted

 

 

71,523

 

 

 

33,201

 

 

 

74,379

 

 

 

33,606

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.15

 

 

$

0.15

 

 

$

0.19

 

 

$

0.19

 

Diluted

 

$

0.15

 

 

$

0.15

 

 

$

0.19

 

 

$

0.19

 

Schedule of Antidilutive Securities Excluded from Computation of Basic and Diluted Earnings per Share

The following have been excluded from the computation of basic and diluted earnings per share as their effect would have been anti-dilutive (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Stock options to purchase Class A
   and Class B common stock, and RSUs

 

 

1,735

 

 

 

658