Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share 5.  EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation from basic to diluted shares follows:  

Three Months Ended September 30,

Nine Months Ended September 30,

2019

2018

2019

2018

(in thousands)

Net income (loss) (numerator):

Income from continuing operations

$

(3,858)

$

78,626

$

(3,899)

$

88,224

Income (loss) from continuing operations attributable to unvested shares

(766)

29

(820)

Numerator for basic

(3,858)

77,860

(3,870)

87,404

Loss from continuing operations attributable to unvested shares

(29)

Numerator for dilutive

$

(3,858)

$

77,860

$

(3,899)

$

87,404

Income (loss) from discontinued operations, net of tax

$

(61)

$

(21)

$

5,448

$

(416)

Income (loss) from discontinued operations attributable to unvested shares

(41)

4

Numerator for basic

(61)

(21)

5,407

(412)

Income from discontinued operations attributable to unvested shares

41

Numerator for dilutive

$

(61)

$

(21)

$

5,448

$

(412)

Net income (loss)

$

(3,919)

$

78,605

$

1,549

$

87,808

Net loss attributable to unvested shares

(766)

(12)

(816)

Numerator for basic

(3,919)

77,839

1,537

86,992

Net income attributable to unvested shares

12

Numerator for dilutive

$

(3,919)

$

77,839

$

1,549

$

86,992

Weighted average shares (denominator):

Basic weighted average shares outstanding

58,953

59,481

59,457

59,147

Effect of dilutive securities

1,337

699

Diluted weighted average shares outstanding

58,953

60,818

59,457

59,846

Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive

324

244

548

1,223