Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.20.1
Earnings Per Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share 6. 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 of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:

Years Ended December 31,

2019

2018

2017

(in thousands)

Net income (loss) (numerator):

Income (loss) from continuing operations

$

(2,848)

$

98,728

$

10,272

(Income) loss from continuing operations attributable to unvested shares

21

(1,231)

(62)

Numerator for basic

(2,827)

97,497

10,210

Loss from continuing operations attributable to unvested shares

(21)

Numerator for dilutive

$

(2,848)

$

97,497

$

10,210

Income (loss) from discontinued operations, net of tax

$

5,411

$

(496)

$

(621)

(Income) loss from discontinued operations attributable to unvested shares

(39)

6

4

Numerator for basic

5,372

(490)

(617)

Income from discontinued operations attributable to unvested shares

39

Numerator for dilutive

$

5,411

$

(490)

$

(617)

Net income

$

2,563

$

98,232

$

9,651

Net income attributable to unvested shares

(18)

(1,225)

(58)

Numerator for basic

2,545

97,007

9,593

Net income attributable to unvested shares

18

Numerator for dilutive

$

2,563

$

97,007

$

9,593

Weighted average shares (denominator):

Basic weighted average shares outstanding

59,143

59,248

58,717

Effect of dilutive securities

749

3

Diluted weighted average shares outstanding

59,143

59,997

58,720

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

603

1,316

2,823