Net Income (Loss) per Ordinary Share
The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average shares of ordinary shares out standing for the respective period.
The calculation of diluted net income (loss) per ordinary share does not consider the effect of the warrants issued in connection with the Initial Public Offering and the Private Placement to purchase an aggregate of 21,500,000 ordinary shares of in the calculation of diluted income (loss) per share, because their exercise is contingent upon future events. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the three and nine months ended September 30, 2021. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.
The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of ordinary shares:
For the Three Months Ended | For the Nine Months Ended | For the Period from August 18, 2020 (inception) | ||||||||||||||||
September 30, 2021 | September 30, 2021 | through September 30, 2020 | ||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per ordinary share: |
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Numerator: |
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Allocation of net income (loss) | $ | 7,704,305 | $ | 1,926,076 | $ | 11,574,022 | $ | 2,893,506 | $ | — | $ | (42,754) | ||||||
Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
| 57,500,000 |
| 14,375,000 |
| 57,500,000 |
| 14,375,000 |
| — |
| 12,215,909 | ||||||
Basic and diluted net income (loss) per ordinary share | 0.13 | 0.13 | 0.20 | 0.20 | — | (0.00) | ||||||||||||
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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