CALCULATION OF REGISTRATION FEE
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Title of Each Class of
Securities to be Registered |
| |
Amount to be
Registered(1) |
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Proposed
Maximum Aggregate Price Per Share |
| |
Maximum
Aggregate Offering Price |
| |
Amount of
Registration Fee(2)(3) |
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Common A common stock, par value $0.01 per Share
|
| | | | 3,546,841 | | | | | $ | 57.00 | | | | | $ | 202,169,937.00 | | | | | $ | 18,741.15 | | |
| | |
Per Share
|
| |
Total
|
| ||||||
Public Offering Price
|
| | | $ | 57.00 | | | | | $ | 175,799,970.00 | | |
Underwriting Discount(1)
|
| | | $ | 2.28 | | | | | $ | 7,031,998.80 | | |
Proceeds to Focus Financial Partners Inc. (before expenses)
|
| | | $ | 54.72 | | | | | $ | 168,767,971.20 | | |
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Page
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| | | | S-5 | | | |
| | | | S-8 | | | |
| | | | S-10 | | | |
| | | | S-11 | | | |
| | | | S-12 | | | |
| | | | S-16 | | | |
| | | | S-19 | | | |
| | | | S-30 | | | |
| | | | S-30 | | | |
| | | | S-30 | | | |
| | | | S-31 | | |
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Hurdle
Rates |
| |
Before Offering
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| |
After Offering
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Number Outstanding
|
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Vested Incentive Units
|
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Number Outstanding
|
| |
Vested Incentive Units
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$1.42 | | | | | 421 | | | | | | 421 | | | | | | 421 | | | | | | 421 | | |
5.50 | | | | | 798 | | | | | | 798 | | | | | | 798 | | | | | | 798 | | |
6.00 | | | | | 386 | | | | | | 386 | | | | | | 386 | | | | | | 386 | | |
7.00 | | | | | 1,081 | | | | | | 1,081 | | | | | | 1,081 | | | | | | 1,081 | | |
9.00 | | | | | 1,308,107 | | | | | | 1,308,107 | | | | | | 708,107 | | | | | | 708,107 | | |
11.00 | | | | | 813,001 | | | | | | 813,001 | | | | | | 813,001 | | | | | | 813,001 | | |
12.00 | | | | | 513,043 | | | | | | 513,043 | | | | | | 513,043 | | | | | | 513,043 | | |
13.00 | | | | | 540,000 | | | | | | 540,000 | | | | | | 540,000 | | | | | | 540,000 | | |
14.00 | | | | | 10,098 | | | | | | 10,098 | | | | | | 10,098 | | | | | | 10,098 | | |
16.00 | | | | | 45,191 | | | | | | 45,191 | | | | | | 45,191 | | | | | | 45,191 | | |
17.00 | | | | | 20,000 | | | | | | 20,000 | | | | | | 20,000 | | | | | | 20,000 | | |
19.00 | | | | | 527,928 | | | | | | 527,928 | | | | | | 527,928 | | | | | | 527,928 | | |
21.00 | | | | | 3,170,236 | | | | | | 3,170,236 | | | | | | 3,045,236 | | | | | | 3,045,236 | | |
22.00 | | | | | 821,417 | | | | | | 821,417 | | | | | | 821,417 | | | | | | 821,417 | | |
23.00 | | | | | 524,828 | | | | | | 524,828 | | | | | | 524,828 | | | | | | 524,828 | | |
26.26 | | | | | 12,500 | | | | | | — | | | | | | 12,500 | | | | | | — | | |
27.00 | | | | | 16,734 | | | | | | 9,363 | | | | | | 16,734 | | | | | | 9,363 | | |
27.90 | | | | | 1,929,424 | | | | | | 931,758 | | | | | | 1,929,424 | | | | | | 931,758 | | |
28.50 | | | | | 1,440,230 | | | | | | 662,685 | | | | | | 1,440,230 | | | | | | 662,685 | | |
30.48 | | | | | 30,000 | | | | | | 10,000 | | | | | | 30,000 | | | | | | 10,000 | | |
33.00 | | | | | 3,617,500 | | | | | | 7,500 | | | | | | 3,617,500 | | | | | | 7,500 | | |
36.64 | | | | | 30,000 | | | | | | 20,000 | | | | | | 30,000 | | | | | | 20,000 | | |
43.50 | | | | | 30,000 | | | | | | — | | | | | | 30,000 | | | | | | — | | |
44.71 | | | | | 806,324 | | | | | | 203,142 | | | | | | 806,324 | | | | | | 203,142 | | |
Total | | | | | 16,209,247 | | | | | | 10,140,983 | | | | | | 15,484,247 | | | | | | 9,415,983 | | |
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Before Offering
|
| |
After Offering
|
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Focus LLC
Common Units(1) |
| |
Focus LLC
Incentive Units(2) |
| |
Focus LLC
Common Units(1) |
| |
Focus LLC
Incentive Units(2) |
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| | |
Number
|
| |
Hurdle
Rate |
| |
Number
|
| |
Number
|
| |
Hurdle
Rate |
| |
Number
|
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Directors and Executive Officers:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ruediger Adolf (3) | | | | | 231,090 | | | | | $ | 1.42 | | | | | | 421 | | | | | | 231,090 | | | | | $ | 1.42 | | | | | | 421 | | |
Chief Executive
|
| | | | | | | | | $ | 5.50 | | | | | | 798 | | | | | | | | | | | $ | 5.50 | | | | | | 798 | | |
Officer and
|
| | | | | | | | | $ | 6.00 | | | | | | 386 | | | | | | | | | | | $ | 6.00 | | | | | | 386 | | |
Chairman
|
| | | | | | | | | $ | 7.00 | | | | | | 1,081 | | | | | | | | | | | $ | 7.00 | | | | | | 1,081 | | |
| | | | | | | | | | $ | 9.00 | | | | | | 757,000 | | | | | | | | | | | $ | 9.00 | | | | | | 157,000 | | |
| | | | | | | | | | $ | 11.00 | | | | | | 310,000 | | | | | | | | | | | $ | 11.00 | | | | | | 310,000 | | |
| | | | | | | | | | $ | 12.00 | | | | | | 470,000 | | | | | | | | | | | $ | 12.00 | | | | | | 470,000 | | |
| | | | | | | | | | $ | 13.00 | | | | | | 195,000 | | | | | | | | | | | $ | 13.00 | | | | | | 195,000 | | |
| | | | | | | | | | $ | 16.00 | | | | | | 16,511 | | | | | | | | | | | $ | 16.00 | | | | | | 16,511 | | |
| | | | | | | | | | $ | 19.00 | | | | | | 200,000 | | | | | | | | | | | $ | 19.00 | | | | | | 200,000 | | |
| | | | | | | | | | $ | 21.00 | | | | | | 890,640 | | | | | | | | | | | $ | 21.00 | | | | | | 890,640 | | |
| | | | | | | | | | $ | 23.00 | | | | | | 306,284 | | | | | | | | | | | $ | 23.00 | | | | | | 306,284 | | |
| | | | | | | | | | $ | 27.90 | | | | | | 406,788 | | | | | | | | | | | $ | 27.90 | | | | | | 406,788 | | |
| | | | | | | | | | $ | 28.50 | | | | | | 331,642 | | | | | | | | | | | $ | 28.50 | | | | | | 331,642 | | |
| | | | | | | | | | $ | 33.00 | | | | | | 800,000 | | | | | | | | | | | $ | 33.00 | | | | | | 800,000 | | |
| | | | | | | | | | $ | 44.71 | | | | | | 127,080 | | | | | | | | | | | $ | 44.71 | | | | | | 127,080 | | |
James D. Carey
Director |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Leonard Chang | | | | | 6,155 | | | | | $ | 9.00 | | | | | | 142,000 | | | | | | 6,155 | | | | | $ | 9.00 | | | | | | 142,000 | | |
Senior Managing
|
| | | | | | | | | $ | 11.00 | | | | | | 65,000 | | | | | | | | | | | $ | 11.00 | | | | | | 65,000 | | |
Director and Head
|
| | | | | | | | | $ | 13.00 | | | | | | 50,000 | | | | | | | | | | | $ | 13.00 | | | | | | 50,000 | | |
of M&A
|
| | | | | | | | | $ | 16.00 | | | | | | 7,540 | | | | | | | | | | | $ | 16.00 | | | | | | 7,540 | | |
| | | | | | | | | | $ | 19.00 | | | | | | 50,000 | | | | | | | | | | | $ | 19.00 | | | | | | 50,000 | | |
| | | | | | | | | | $ | 21.00 | | | | | | 456,284 | | | | | | | | | | | $ | 21.00 | | | | | | 456,284 | | |
| | | | | | | | | | $ | 22.00 | | | | | | 145,253 | | | | | | | | | | | $ | 22.00 | | | | | | 145,253 | | |
| | | | | | | | | | $ | 27.90 | | | | | | 214,027 | | | | | | | | | | | $ | 27.90 | | | | | | 214,027 | | |
| | | | | | | | | | $ | 28.50 | | | | | | 144,717 | | | | | | | | | | | $ | 28.50 | | | | | | 144,717 | | |
| | | | | | | | | | $ | 33.00 | | | | | | 600,000 | | | | | | | | | | | $ | 33.00 | | | | | | 600,000 | | |
| | | | | | | | | | $ | 44.71 | | | | | | 66,212 | | | | | | | | | | | $ | 44.71 | | | | | | 66,212 | | |
Joseph Feliciani, Jr. | | | | | 951 | | | | | $ | 27.90 | | | | | | 23,910 | | | | | | 951 | | | | | $ | 27.90 | | | | | | 23,910 | | |
Director
|
| | | | | | | | | $ | 36.64 | | | | | | 30,000 | | | | | | | | | | | $ | 36.64 | | | | | | 30,000 | | |
| | | | | | | | | | $ | 44.71 | | | | | | 9,341 | | | | | | | | | | | $ | 44.71 | | | | | | 9,341 | | |
| | |
Before Offering
|
| |
After Offering
|
| ||||||||||||||||||||||||||||||
|
Focus LLC
Common Units(1) |
| |
Focus LLC
Incentive Units(2) |
| |
Focus LLC
Common Units(1) |
| |
Focus LLC
Incentive Units(2) |
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| | |
Number
|
| |
Hurdle
Rate |
| |
Number
|
| |
Number
|
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Hurdle
Rate |
| |
Number
|
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Rajini Sundar Kodialam(4) | | | | | 7,891 | | | | | $ | 11.00 | | | | | | 215,000 | | | | | | 7,891 | | | | | $ | 11.00 | | | | | | 215,000 | | |
Chief Operating
|
| | | | | | | | | $ | 13.00 | | | | | | 295,000 | | | | | | | | | | | $ | 13.00 | | | | | | 295,000 | | |
Officer and Director
|
| | | | | | | | | $ | 16.00 | | | | | | 9,401 | | | | | | | | | | | $ | 16.00 | | | | | | 9,401 | | |
| | | | | | | | | | $ | 19.00 | | | | | | 130,000 | | | | | | | | | | | $ | 19.00 | | | | | | 130,000 | | |
| | | | | | | | | | $ | 21.00 | | | | | | 661,140 | | | | | | | | | | | $ | 21.00 | | | | | | 661,140 | | |
| | | | | | | | | | $ | 23.00 | | | | | | 218,544 | | | | | | | | | | | $ | 23.00 | | | | | | 218,544 | | |
| | | | | | | | | | $ | 27.90 | | | | | | 266,904 | | | | | | | | | | | $ | 27.90 | | | | | | 266,904 | | |
| | | | | | | | | | $ | 28.50 | | | | | | 192,956 | | | | | | | | | | | $ | 28.50 | | | | | | 192,956 | | |
| | | | | | | | | | $ | 33.00 | | | | | | 650,000 | | | | | | | | | | | $ | 33.00 | | | | | | 650,000 | | |
| | | | | | | | | | $ | 44.71 | | | | | | 82,570 | | | | | | | | | | | $ | 44.71 | | | | | | 82,570 | | |
Kristine M. Mashinsky
Director |
| | | | — | | | | | $ | 43.50 | | | | | | 30,000 | | | | | | — | | | | | $ | 43.50 | | | | | | 30,000 | | |
J. Russell McGranahan | | | | | 4,618 | | | | | $ | 21.00 | | | | | | 311,427 | | | | | | 4,618 | | | | | $ | 21.00 | | | | | | 186,427 | | |
General Counsel
|
| | | | | | | | | $ | 22.00 | | | | | | 135,759 | | | | | | | | | | | $ | 22.00 | | | | | | 135,759 | | |
and Corporate
|
| | | | | | | | | $ | 27.90 | | | | | | 160,520 | | | | | | | | | | | $ | 27.90 | | | | | | 160,520 | | |
Secretary
|
| | | | | | | | | $ | 28.50 | | | | | | 120,597 | | | | | | | | | | | $ | 28.50 | | | | | | 120,597 | | |
| | | | | | | | | | $ | 33.00 | | | | | | 500,000 | | | | | | | | | | | $ | 33.00 | | | | | | 500,000 | | |
| | | | | | | | | | $ | 44.71 | | | | | | 49,659 | | | | | | | | | | | $ | 44.71 | | | | | | 49,659 | | |
Greg S. Morganroth, MD | | | | | 951 | | | | | $ | 30.48 | | | | | | 30,000 | | | | | | 951 | | | | | $ | 30.48 | | | | | | 30,000 | | |
Director
|
| | | | | | | | | $ | 44.71 | | | | | | 9,341 | | | | | | | | | | | $ | 44.71 | | | | | | 9,341 | | |
Fayez S. Muhtadie
Director |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
James Shanahan(5) | | | | | 5,109 | | | | | $ | 9.00 | | | | | | 181,277 | | | | | | 5,109 | | | | | $ | 9.00 | | | | | | 181,277 | | |
Chief Financial
|
| | | | | | | | | $ | 11.00 | | | | | | 140,000 | | | | | | | | | | | $ | 11.00 | | | | | | 140,000 | | |
Officer
|
| | | | | | | | | $ | 16.00 | | | | | | 11,739 | | | | | | | | | | | $ | 16.00 | | | | | | 11,739 | | |
| | | | | | | | | | $ | 19.00 | | | | | | 90,000 | | | | | | | | | | | $ | 19.00 | | | | | | 90,000 | | |
| | | | | | | | | | $ | 21.00 | | | | | | 476,284 | | | | | | | | | | | $ | 21.00 | | | | | | 476,284 | | |
| | | | | | | | | | $ | 22.00 | | | | | | 167,405 | | | | | | | | | | | $ | 22.00 | | | | | | 167,405 | | |
| | | | | | | | | | $ | 27.90 | | | | | | 179,405 | | | | | | | | | | | $ | 27.90 | | | | | | 179,405 | | |
| | | | | | | | | | $ | 28.50 | | | | | | 162,806 | | | | | | | | | | | $ | 28.50 | | | | | | 162,806 | | |
| | | | | | | | | | $ | 33.00 | | | | | | 540,000 | | | | | | | | | | | $ | 33.00 | | | | | | 540,000 | | |
| | | | | | | | | | $ | 44.71 | | | | | | 55,501 | | | | | | | | | | | $ | 44.71 | | | | | | 55,501 | | |
Underwriter
|
| |
Number of Shares
|
| |||
Goldman Sachs & Co. LLC
|
| | | | 1,378,256 | | |
BofA Securities, Inc.
|
| | | | 1,301,151 | | |
SPC Capital Markets LLC
|
| | | | 404,803 | | |
Total
|
| | | | 3,084,210 | | |
| | |
Per Share
|
| |
Without Option
|
| |
With Option
|
| |||||||||
Public offering price
|
| | | $ | 57.00 | | | | | $ | 175,799,970.00 | | | | | $ | 202,169,937.00 | | |
Underwriting discount
|
| | | $ | 2.28 | | | | | $ | 7,031,998.80 | | | | | $ | 8,086,797.48 | | |
Proceeds, before expenses, to us
|
| | | $ | 54.72 | | | | | $ | 168,767,971.20 | | | | | $ | 194,083,139.52 | | |
| | | | | 1 | | | |
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Focus
Financial Partners Inc. Historical |
| |
Pro Forma
Adjustments (IPO and Reorganization Transactions) |
| |
Pro Forma
Adjustments Note |
| |
Focus
Financial Partners Inc. Pro Forma |
| |
Loring Ward
Holdings Inc. and subsidiaries |
| |
Pro Forma
Adjustments (Acquisition of Loring Ward) |
| |
Pro Forma
Adjustments Note |
| |
Focus
Financial Partners Inc. Combined Pro Forma |
| ||||||||||||||||||
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Wealth management fees
|
| | | $ | 853,033 | | | | | $ | — | | | | | | | | $ | 853,033 | | | | | $ | 42,876 | | | | | $ | — | | | | | | | | $ | 895,909 | | |
Service and administrative fees
|
| | | | | | | | | | | | | | | | | | | | | | | | | 10,406 | | | | | | (10,406) | | | |
(d)
|
| | | | | | |
Brokerage commissions
|
| | | | | | | | | | | | | | | | | | | | | | | | | 15 | | | | | | (15) | | | |
(d)
|
| | | | | | |
Other
|
| | | | 57,847 | | | | | | | | | | | | | | | 57,847 | | | | | | | | | | | | 10,421 | | | |
(d)
|
| | | | 68,268 | | |
Total revenues
|
| | | | 910,880 | | | | | | — | | | | | | | | | 910,880 | | | | | | 53,297 | | | | | | — | | | | | | | | | 964,177 | | |
OPERATING EXPENSES:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and related expenses
|
| | | | 358,084 | | | | | | | | | | | | | | | 358,084 | | | | | | 24,348 | | | | | | (3,194) | | | |
(e)(g)
|
| | | | 379,238 | | |
Management fees
|
| | | | 232,703 | | | | | | | | | | | | | | | 232,703 | | | | | | | | | | | | 4,052 | | | |
(e)
|
| | | | 236,755 | | |
Selling, general and administrative
|
| | | | 170,270 | | | | | | | | | | | | | | | 170,270 | | | | | | 20,396 | | | | | | (1,601) | | | |
(f)(g)
|
| | | | 189,065 | | |
Intangible amortization
|
| | | | 90,381 | | | | | | | | | | | | | | | 90,381 | | | | | | 49 | | | | | | 760 | | | |
(h)
|
| | | | 91,190 | | |
Non-cash changes in fair value of estimated contingent
consideration |
| | | | 6,638 | | | | | | | | | | | | | | | 6,638 | | | | | | | | | | | | | | | | | | | | | 6,638 | | |
Depreciation and other amortization
|
| | | | 8,370 | | | | | | | | | | | | | | | 8,370 | | | | | | 1,112 | | | | | | | | | | | | | | | 9,482 | | |
Total operating expenses
|
| | | | 866,446 | | | | | | | | | | | | | | | 866,446 | | | | | | 45,905 | | | | | | 17 | | | | | | | | | 912,368 | | |
INCOME (LOSS) FROM OPERATIONS
|
| | | | 44,434 | | | | | | | | | | | | | | | 44,434 | | | | | | 7,392 | | | | | | (17) | | | | | | | | | 51,809 | | |
OTHER INCOME (EXPENSE):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income
|
| | | | 1,266 | | | | | | | | | | | | | | | 1,266 | | | | | | 207 | | | | | | | | | | | | | | | 1,473 | | |
Interest expense
|
| | | | (56,448) | | | | | | 16,016 | | | |
(a)
|
| | | | (40,432) | | | | | | (1,884) | | | | | | 1,884 | | | |
(i)
|
| | | | (40,432) | | |
Capital gains
|
| | | | | | | | | | | | | | | | | | | | | | | | | 9 | | | | | | (9) | | | |
(d)
|
| | | | | | |
Amortization of debt financing costs
|
| | | | (3,498) | | | | | | (26) | | | |
(a)
|
| | | | (3,524) | | | | | | | | | | | | | | | | | | | | | (3,524) | | |
Gain on sale of investment
|
| | | | 5,509 | | | | | | | | | | | | | | | 5,509 | | | | | | | | | | | | | | | | | | | | | 5,509 | | |
Loss on extinguishment of
borrowings |
| | | | (21,071) | | | | | | | | | | | | | | | (21,071) | | | | | | | | | | | | | | | | | | | | | (21,071) | | |
Other (expense) income – net
|
| | | | (2,350) | | | | | | | | | | | | | | | (2,350) | | | | | | | | | | | | 9 | | | |
(d)
|
| | | | (2,341) | | |
Income from equity method investments
|
| | | | 521 | | | | | | | | | | | | | | | 521 | | | | | | | | | | | | | | | | | | | | | 521 | | |
Total other expense – net
|
| | | | (76,071) | | | | | | 15,990 | | | | | | | | | (60,081) | | | | | | (1,668) | | | | | | 1,884 | | | | | | | | | (59,865) | | |
INCOME(LOSS) BEFORE INCOME TAX
|
| | | | (31,637) | | | | | | 15,990 | | | | | | | | | (15,647) | | | | | | 5,724 | | | | | | 1,867 | | | | | | | | | (8,056) | | |
INCOME TAX EXPENSE
(BENEFIT) |
| | | | 9,450 | | | | | | 4,517 | | | |
(b)
|
| | | | 13,967 | | | | | | (1,427) | | | | | | 2,717 | | | |
(j)
|
| | | | 15,257 | | |
Net income (loss)
|
| | | | (41,087) | | | | | | 11,473 | | | | | | | | | (29,614) | | | | | | 7,151 | | | | | | (850) | | | | | | | | | (23,313) | | |
Net (income) loss attributable to non-controlling interests
|
| | | | 40,497 | | | | | | (6,028) | | | |
(c)
|
| | | | 34,469 | | | | | | | | | | | | (2,862) | | | |
(c)
|
| | | | 31,607 | | |
NET INCOME (LOSS) ATTRIBUTABLE TO FOCUS FINANCIAL PARTNERS INC.
|
| | | $ | (590) | | | | | $ | 5,445 | | | | | | | | $ | 4,855 | | | | | $ | 7,151 | | | | | $ | (3,712) | | | | | | | | $ | 8,294 | | |
Net income (loss) per share of Class A common stock:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.18 | | |
Diluted
|
| | | $ | (0.01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.18 | | |
Weighted average shares of Class A common stock outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 43,122,782 | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,964,897 | | | |
(k)
|
| | | | 46,087,679 | | |
Diluted
|
| | | | 43,122,782 | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,067,446 | | | |
(k)
|
| | | | 46,190,228 | | |