Earnings Per Share

2 Months Ended

Feb. 29, 2020

Earnings per Share

We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic earnings per share calculations using the two-class method. All our restricted common shares are currently participating securities. Our PSUs are contingently issuable shares which are included in our diluted earnings per share calculations which do not include voting or dividend rights.

Under the two-class method, earnings per common share is computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted-average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted-average shares outstanding during the period.


	Two Months Ended February 29/28,
		2020		2019
Weighted-average shares:
Common shares outstanding		74,989,482		74,732,378
Restricted common shares		126,971		389,284
Total weighted-average shares		75,116,453		75,121,662

Percentage of weighted-average shares:
Common shares outstanding		99.83	%	99.48	%
Restricted common shares		0.17	%	0.52	%
Total percentage of weighted-average shares		100.00	%	100.00	%

The calculations of both basic and diluted earnings per share are as follows:


	Two Months Ended February 29/28,
		2020		2019
Earnings per share – Basic:
Net income		$	3,659	$	17,512
Less: Distributed and undistributed earnings allocated to restricted common shares(1)		(6)		(91)
Earnings available to common shareholders – Basic		$	3,653	$	17,421

Weighted-average common shares outstanding – Basic		74,989,482		74,732,378

Earnings per common share – Basic		$	0.05	$	0.23

Earnings per share – Diluted:
Net income		$	3,659	$	17,512
Less: Distributed and undistributed earnings allocated to restricted common shares(1)		(6)		(91)
Earnings available to common shareholders – Diluted		$	3,653	$	17,421

Weighted-average common shares outstanding – Basic		74,989,482		74,732,378
Effect of dilutive shares(2)		499,967		489,424
Weighted-average common shares outstanding – Diluted		75,489,449		75,221,802

Earnings per common share – Diluted		$	0.05	$	0.23

(1)For the two months ended February 29, 2020 and February 28, 2019, distributed and undistributed earnings to restricted shares were 0.17% and 0.52%, respectively, of net income. The amount of restricted share forfeitures for both periods presented are immaterial to the allocation of distributed and undistributed earnings.

(2)For both periods presented, dilutive shares represented contingently issuable shares.