| Schedule of Calculation of Basic and Diluted Earnings Per Share |
The following table presents the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022:
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Three Months
Ended
June 30, |
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Six Months
Ended
June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Numerator: |
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Net income |
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$ |
27,524 |
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$ |
31,477 |
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$ |
12,545 |
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$ |
16,298 |
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Less: net (income) loss attributable to noncontrolling interests |
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(23,740 |
) |
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(72,592 |
) |
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|
849 |
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(41,998 |
) |
Less: dividends on preferred shares |
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(1,857 |
) |
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(3,250 |
) |
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(3,926 |
) |
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(6,500 |
) |
Add: deemed contribution (dividend) |
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45,551 |
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127,821 |
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(17,109 |
) |
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76,890 |
|
Add: deemed contribution from redemption of convertible preferred stock |
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— |
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— |
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12,679 |
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— |
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Net income attributable to XPO Inc. - basic |
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47,478 |
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83,456 |
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5,038 |
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44,690 |
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Add: net income (loss) attributable to non-controlling interests |
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— |
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72,592 |
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(849 |
) |
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41,998 |
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Add: dividends on preferred shares |
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1,857 |
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3,250 |
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— |
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6,500 |
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Less: deemed (contribution) dividend |
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(45,551 |
) |
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(127,821 |
) |
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— |
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(76,890 |
) |
Net income attributable to XPO Inc. - diluted |
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$ |
3,784 |
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$ |
31,477 |
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$ |
4,189 |
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$ |
16,298 |
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Denominator: |
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Weighted average shares of Class A common stock outstanding - basic |
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33,045 |
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25,414 |
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31,906 |
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24,083 |
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Effect of dilutive securities: |
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Rumble Class A common stock |
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— |
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1,300 |
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— |
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1,300 |
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Restricted stock units |
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585 |
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474 |
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590 |
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|
791 |
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Convertible preferred stock |
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7,963 |
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13,889 |
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— |
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13,889 |
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Conversion of Class B common stock to Class A common stock |
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— |
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22,106 |
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17,563 |
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22,633 |
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Weighted average shares of Class A common stock outstanding - diluted |
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41,593 |
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63,183 |
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50,059 |
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62,696 |
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Net earnings per share attributable to Class A common stock - basic |
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$ |
1.44 |
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$ |
3.28 |
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$ |
0.16 |
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$ |
1.86 |
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Net earnings per share attributable to Class A common stock - diluted |
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$ |
0.09 |
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$ |
0.50 |
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$ |
0.08 |
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$ |
0.26 |
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Anti-dilutive shares excluded from diluted earnings per share of Class A common stock: |
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Conversion of Class B common stock to Class A common stock |
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16,574 |
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— |
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— |
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— |
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Convertible preferred stock |
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— |
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— |
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7,963 |
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— |
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Rumble contingent shares |
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2,024 |
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|
2,024 |
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2,024 |
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|
2,024 |
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Profits interests, time vesting |
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2 |
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43 |
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2 |
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43 |
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