Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Net loss for diluted loss per share is adjusted for the Company’s share of AON LLC’s consolidated net loss, net of AON Inc. taxes, after giving effect to Class B Common Stock and Class B Prefunded Warrants that are exchanged into potential shares of Class A Common Stock, Public and Private Warrants that are liability classified, and Series A Preferred Stock that accrue dividends, to the extent it is dilutive.


	Three Months Ended June 30,		Six Months Ended June 30,
	2024		2024
Net income (loss) attributable to AON Inc.	$	3,620,639	$	(4,220,410)
Less: Series A Preferred Cumulative Dividends	(1,375,293)		(2,735,473)
Less: Undistributed net income to participating securities	(855,688)		—
Net income (loss) attributable to Class A Common Stockholders	$	1,389,658	$	(6,955,883)
Less: Reallocation of net income (loss) attributable to Class A Common Stockholders as a result of the impact and conversion of dilutive securities	(5,555,951)		(23,574,645)
Net income (loss) attributable to Class A Common Stockholders for diluted earnings per share	$	(4,166,293)	$	(30,530,528)

Weighted-average shares for basic earnings per share	11,377,407		9,457,518
Effect of dilutive securities:
Series A Preferred Stock	—		—
Class B Common Stock	22,711,953		23,972,678
Class B Prefunded warrants	3,000,245		3,000,245
Restricted Stock Units	—		—
Weighted-average shares for diluted earnings per share	37,089,605		36,430,441

Basic income (loss) per share of Class A Common Stock	$	0.12	$	(0.74)
Dilutive income (loss) per share of Class A Common Stock	$	(0.11)	$	(0.84)

The following table details the securities that have been excluded from the calculation of weighted-average shares for diluted loss per share for the periods presented as they were anti-dilutive. Note that the Sponsor Earnouts are excluded from the calculation of weighted-average shares for diluted loss per share as the contingency had not been met as of the period end.


	Three Months Ended June 30,	Six Months Ended June 30,
	2024	2024
Series A Preferred Stock	7,074,449	7,074,449
Class B Common Stock	—	—
Class B Prefunded Warrants	—	—
Public and Private Warrants	14,450,833	14,450,833
Restricted Stock Units	1,364,801	1,364,801

American Oncology Network, Inc. 10-Q