Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share - Schedule of Earnings Per Share Diluted by Common Class (Detail)

v3.22.2
Earnings Per Share - Schedule of Earnings Per Share Diluted by Common Class (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Numerator      
Net income (loss) attributable to holders of Class A Common Stock $ (40,680) $ 2,265 $ (49,173)
Denominator      
Weighted average shares of Class A Common Stock outstanding—basic 62,379,041 59,881,714 61,580,900
Effect of dilutive securities:      
Weighted average shares of Class A Common Stock outstanding—diluted 187,818,225 191,200,000 188,629,076
Diluted net loss per share $ (0.7) $ (0.05) $ (1)
Common Class A [Member]      
Numerator      
Net income (loss) attributable to holders of Class A Common Stock $ (40,680) $ 2,265 $ (49,173)
Reallocation of net income (loss) assuming exchange of Class A LLC Units [1] (90,293) (12,001) (139,756)
Net loss attributable to holders of Class A Common Stock—diluted $ (130,973) $ (9,736) $ (188,929)
Denominator      
Weighted average shares of Class A Common Stock outstanding—basic 62,379,041 59,881,714 61,580,900
Effect of dilutive securities:      
Assumed exchange of weighted average Class A LLC Units for shares of Class A Common Stock [2] 125,439,184 131,318,286 127,048,176
Weighted average shares of Class A Common Stock outstanding—diluted 187,818,225 191,200,000 188,629,076
Diluted net loss per share $ (0.7) $ (0.05) $ (1)
[1] This adjustment assumes the after-tax elimination of noncontrolling interest due to the assumed exchange of all Class A LLC Units outstanding for shares of Class A Common Stock in FoA as of the beginning of the period following the if-converted method for calculating diluted net income (loss) per share. Following the terms of the A&R LLC Agreement, the Class A LLC unitholders will initially bear approximately 85% of the cost of any vesting associated with the Replacement RSUs and Earnout Right RSUs prior to any distribution by the Company to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs will be born by FoA for the share attributable to Blackstone Tactical Opportunities Fund (Urban Feeder) – NQ L.P., a Delaware limited partnership (“Blocker”). As a result of the application of the if-converted method, in arriving at diluted net loss per share, the entirety of the compensation cost associated with vesting of the Replacement RSUs and Earnout Right RSUs is assumed to be included in the net loss attributable to holders of the Company’s Class A Common Stock.
[2] The diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted method to reflect the provisions of the Exchange Agreement and assumes the Class A LLC Units held by Continuing Unitholders, representing the noncontrolling interest, exchange their units on a one-for-one basis for shares of Class A Common Stock in FoA. In addition to the Class A LLC Units, the Company also had RSUs outstanding during the Successor three and six months ended June 30, 2022. The effects of the RSUs following the treasury stock method have been excluded from the computation of diluted net loss per share given that the if-converted method was determined to be more dilutive.