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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 to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows:
| |
|
Three Months Ended March 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(in thousands) |
|
| Net income (loss) (numerator): |
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations |
|
$ |
3,483 |
|
|
$ |
12,176 |
|
| Income from continuing operations attributable to unvested shares |
|
|
18 |
|
|
|
(140 |
) |
| Numerator for basic |
|
|
3,501 |
|
|
|
12,036 |
|
| Loss from continuing operations attributable to unvested shares |
|
|
(18 |
) |
|
|
— |
|
| Numerator for dilutive |
|
$ |
3,483 |
|
|
$ |
12,036 |
|
| |
|
|
|
|
|
|
|
|
| Loss from discontinued operations, net of tax |
|
$ |
(13 |
) |
|
$ |
(12 |
) |
| Loss from discontinued operations attributable to unvested shares |
|
|
— |
|
|
|
— |
|
| Numerator for basic |
|
|
(13 |
) |
|
|
(12 |
) |
| (Income) loss from discontinued operations attributable to unvested shares |
|
|
— |
|
|
|
— |
|
| Numerator for dilutive |
|
$ |
(13 |
) |
|
$ |
(12 |
) |
| |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
3,470 |
|
|
$ |
12,164 |
|
| Net income attributable to unvested shares |
|
|
(29 |
) |
|
|
(139 |
) |
| Numerator for basic |
|
|
3,441 |
|
|
|
12,025 |
|
| Net (income) loss attributable to unvested shares |
|
|
(18 |
) |
|
|
— |
|
| Numerator for dilutive |
|
$ |
3,423 |
|
|
$ |
12,025 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares (denominator): |
|
|
|
|
|
|
|
|
| Basic weighted average shares outstanding |
|
|
107,387 |
|
|
|
58,702 |
|
| Effect of dilutive securities |
|
|
1,365 |
|
|
|
477 |
|
| Diluted weighted average shares outstanding |
|
|
108,752 |
|
|
|
59,179 |
|
| Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive |
|
|
195 |
|
|
|
139 |
|
|