Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

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Net Income Per Share
 9 Months Ended
Oct. 01, 2022
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Prior to the Business Combination, and prior to effecting the reverse recapitalization, the Company’s pre-merger LLC membership structure included two classes of units: Class A preferred units and Class B common units. The Class A preferred units were entitled to receive distributions prior and in preference on Class A preferred unit unpaid cumulative dividends (“Unpaid Preferred Yield”) followed by Class A preferred unit capital contributions that have not been paid back to the holders (the “Unreturned Capital”). Vested Class B common units participate in the remaining distribution on a pro-rata basis with Class A preferred units if they have met the respective Participation Threshold and, if applicable, the Target Value defined in the respective Unit Grant Agreement. The Class A preferred and Class B common units fully vested at the Business Combination date.
Pursuant to the Restated and Amended Certificate of Incorporation and as a result of the reverse recapitalization, the Company has retrospectively adjusted the weighted average shares outstanding prior to June 7, 2021 to give effect to the exchange ratio used to determine the number of shares of common stock into which they were converted. Basic net income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.
The following table sets forth the computation of basic and diluted EPS attributable to common stockholders for the three and nine months ended October 1, 2022 and September 25, 2021 (in thousands, except share and per share data):
Three Months Ended Nine Months Ended
October 1, 2022 September 25, 2021 October 1, 2022 September 25, 2021
Numerator:
Net income attributable to common stockholders $ 32,399  $ 15,542  $ 74,940  $ 28,566 
Adjustment for (gain) loss on value of private warrants $ —  $ (1,271) $ —  $ 658 
Net income as adjusted $ 32,399  $ 14,271  $ 74,940  $ 29,224 
Denominator:
Weighted average number of shares:
Basic 146,639,452  138,384,284  146,592,296  95,179,726 
Adjustment for dilutive securities 78,465  4,456,508  79,213  2,648,654 
Diluted 146,717,917  142,840,792  146,671,509  97,828,380
Basic net income per share attributable to common stockholders $ 0.22  $ 0.11  $ 0.51  $ 0.30 
Diluted net income per share attributable to common stockholders $ 0.22  $ 0.10  $ 0.51  $ 0.30