Quarterly report pursuant to Section 13 or 15(d)

NET INCOME PER SHARE

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NET INCOME PER SHARE
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
NET INCOME PER SHARE NET INCOME PER SHARE
Basic net income per share is computed by dividing net income attributable to Class A and Class B common stockholders by the weighted-average number of shares of each respective class of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to Class A and Class B common stockholders by the weighted-average number of each respective class of common stock outstanding, including the potential dilutive securities. For the calculation of diluted net income per share, net income attributable to Class A and Class B common stockholders is adjusted to reflect the potential effect of dilutive securities.
As result of the reverse recapitalization, the Company has retroactively adjusted the weighted average shares outstanding prior to the Business Combination to give effect to the Exchange Ratio used to determine the number of shares of common stock into which they were converted.
The following table sets forth the computation of basic and diluted net income attributable to Class A and Class B common stockholders per share (in thousands except per share data):

Three Months Ended September 30, 2021 Three Months Ended September 30, 2020
Class A Class B Class A Class B
Numerator
Net income attributable to common stockholders – basic $ 9,796  $ 1,440  $ 4,071  $ 1,049 
Potential dilutive effect of stock options (15) 15  43  (43)
Net income attributable to common stockholders – diluted $ 9,781  $ 1,455  $ 4,114  $ 1,006 
Denominator
Weighted average shares of common stock outstanding - basic 109,693  16,130  73,619  18,977 
Potential dilutive effect of stock options 11,123  1,849  10,811  1,671 
Weighted average shares of common stock outstanding - diluted 120,816  17,979  84,430  20,648 
Net income attributable to common stockholders per share
Basic $ 0.09  $ 0.09  $ 0.06  $ 0.06 
Diluted $ 0.08  $ 0.08  $ 0.05  $ 0.05 
Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020
Class A Class B Class A Class B
Numerator
Net income attributable to common stockholders – basic $ 8,809  $ 1,310  $ 18,755  $ 4,816 
Potential dilutive effect of stock options (207) 207  116  (116)
Net income attributable to common stockholders – diluted $ 8,602  $ 1,517  $ 18,871  $ 4,700 
Denominator
Weighted average shares of common stock outstanding - basic 90,750  16,130  73,902  18,977 
Potential dilutive effect of stock options 11,686  1,950  7,659  1,338 
Weighted average shares of common stock outstanding - dilutive 102,436  18,080  81,561  20,315 
Net income attributable to common stockholders per share
Basic $ 0.10  $ 0.08  $ 0.25  $ 0.25 
Diluted $ 0.08  $ 0.08  $ 0.23  $ 0.23 

For the periods presented above, the net income per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Certificate of Incorporation. The undistributed earnings for each period are allocated based on the contractual
participation rights of the Class A and Class B common stock as if the earnings for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis.
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:
Three Months Ended September 30, Nine Months Ended September 30, 2021
2021 2020 2021 2020
Stock options 51  3,875  —  6,616 
Public Warrants 7,175  —  7,175  — 
Private Warrants 3,821  —  3,821  — 
Earnout Shares 15,000  —  15,000  — 
26,047  3,875  25,996  6,616