Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.21.2
Earnings Per Share
9 Months Ended
Sep. 30, 2021
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 of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows:  

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

(in thousands)

Net income (loss) (numerator):

Income (loss) from continuing operations

$

31,741

$

7,607

$

47,546

$

(44,545)

Income from continuing operations attributable to unvested shares

(404)

(121)

(755)

Numerator for basic

31,337

7,486

46,791

(44,545)

(Income) loss from continuing operations attributable to unvested shares

Numerator for dilutive

$

31,337

$

7,486

$

46,791

$

(44,545)

Income (loss) from discontinued operations, net of tax

$

(20)

$

11

$

(72)

$

(41)

(Income) loss from discontinued operations attributable to unvested shares

1

Numerator for basic

(20)

11

(71)

(41)

(Income) loss from discontinued operations attributable to unvested shares

Numerator for dilutive

$

(20)

$

11

$

(71)

$

(41)

Net income (loss)

$

31,721

$

7,618

$

47,474

$

(44,586)

Net income attributable to unvested shares

(404)

(121)

(754)

Numerator for basic

31,317

7,497

46,720

(44,586)

Net (income) loss attributable to unvested shares

Numerator for dilutive

$

31,317

$

7,497

$

46,720

$

(44,586)

Weighted average shares (denominator):

Basic weighted average shares outstanding

58,586

57,456

58,102

57,628

Effect of dilutive securities

330

285

552

Diluted weighted average shares outstanding

58,916

57,741

58,654

57,628

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

138

1,801

282

3,465