| NET INCOME PER SHARE |
NOTE 17—NET INCOME PER SHARE
Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common stock outstanding, including the potential dilutive securities. For the calculation of diluted net income per share, net income attributable to common stockholders is adjusted to reflect the potential effect of dilutive securities.
The following table sets forth the computation of basic and diluted net income attributable to common stockholders per share (in thousands except share and per share data):
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Three Months Ended March 31,
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2021
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2020
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Net income attributable to common stockholders-basic
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Net income
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$
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5,918
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$
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5,492
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Income allocated to participating preferred stock
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(4,000)
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(3,838)
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Net income attributable to common stockholders - basic
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$
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1,918
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$
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1,654
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Net income attributable to common stockholders-diluted
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Net income
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$
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5,918
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$
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5,492
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Income allocated to participating preferred stock
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(3,819)
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(3,763)
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Net income attributable to common stockholders - diluted
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$
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2,099
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$
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1,729
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Weighted average shares of common stock outstanding
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Basic weighted average shares of common stock outstanding
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239,946
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236,367
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Dilutive effect of weighted average Series A warrants
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539
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483
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Dilutive effect of weighted average Series B warrants
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1,167
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|
715
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Dilutive effect of weighted average Series C-1 warrants
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1,938
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|
936
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Dilutive effect of weighted average Series C warrants
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397
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—
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Dilutive effect of weighted average stock options
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61,020
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25,822
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Dilutive weighted average shares of common stock outstanding
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305,007
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264,323
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Net income attributable to common stockholders per share
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Basic
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$
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0.01
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$
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0.01
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Diluted
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$
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0.01
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$
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0.01
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The following equity awards outstanding at the end of each period presented have been excluded from the computation of diluted net income per share of common stock for the periods presented due to their antidilutive effect:
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Three Months Ended March 31,
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2021
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2020
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Series C warrants
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—
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617
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Series B warrants(2)
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1,232
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1,232
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Stock options
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885
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20,053
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(1)
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A portion of the Series B warrants were excluded from the diluted net income per share calculation because they are only exercisable upon a change in control or an IPO.
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NOTE 15—NET INCOME PER SHARE
Basic net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common stock outstanding, including the potential dilutive securities. For the calculation of diluted net income per share, net income attributable to common stockholders is adjusted to reflect the potential effect of dilutive securities.
The following table sets forth the computation of basic and diluted net income attributable to common stockholders per share (in thousands except share and per share data):
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Year Ended December 31,
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2020
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2019
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2018
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Net income attributable to common stockholders-basic
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Net income
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$
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12,807
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$
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13,614
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$
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2,822
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Deemed contribution related to redemption of preferred NCI
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—
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—
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5,632
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Income allocated to participating preferred stock
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(6,822)
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(7,174)
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(5,087)
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Net income attributable to common stockholders - basic
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$
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5,985
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$
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6,440
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$
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3,367
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Net income attributable to common stockholders-diluted
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Net income
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$
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12,807
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$
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13,614
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$
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2,822
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Deemed contribution related to redemption of preferred NCI(1)
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—
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—
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5,632
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Income allocated to participating preferred stock
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(6,387)
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(6,945)
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(4,977)
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Net income attributable to common stockholders - diluted
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$
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6,420
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$
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6,669
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$
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3,477
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Weighted average shares of common stock outstanding
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Basic weighted average shares of common stock outstanding
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236,118,856
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234,070,277
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229,409,649
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Dilutive effect of weighted average Series A warrants
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509,959
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466,040
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452,308
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Dilutive effect of weighted average Series B warrants
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930,400
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579,050
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469,189
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Dilutive effect of weighted average Series C-1 warrants
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1,413,452
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633,290
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389,348
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Dilutive effect of weighted average Series C warrants
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142,960
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—
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—
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Dilutive effect of weighted average stock options
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43,951,931
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19,704,926
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17,459,421
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Dilutive weighted average shares of common stock outstanding
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283,067,558
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255,453,583
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248,179,915
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Net income attributable to common stockholders per share
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Basic
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$
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0.03
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$
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0.03
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$
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0.01
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Diluted
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$
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0.02
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$
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0.03
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$
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0.01
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(1)
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As further discussed in Note 13, the Company purchased Resort World’s noncontrolling interest in International on December 3, 2018. The excess carrying value of the redeemed preferred stock over the fair value of the purchase price paid was treated as a deemed contribution.
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The following equity awards outstanding at the end of each period presented have been excluded from the computation of diluted net income per share of common stock for the periods presented due to their anti-dilutive effect:
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Year Ended December 31,
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2020
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2019
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2018
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Series C warrants
|
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—
|
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617,192
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617,192
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Series B warrants(2)
|
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1,231,872
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1,231,872
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1,231,872
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Stock options
|
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340,000
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27,796,684
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36,020,008
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(2) A portion of the Series B warrants were excluded from the diluted net income per share calculation because they are only exercisable upon a change in control or an IPO.
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