Earnings Per Share

12 Months Ended

Dec. 31, 2020

(16) Earnings per Share

Basic net income (loss) per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. However, potential common equivalent shares are excluded if their effect is anti-dilutive.

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The following table sets forth the reconciliation of basic and diluted net income (loss) per share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share data):


	Year Ended December 31,
	2020		2019		2018
Numerator
Net income from continuing operations	$	71,613	$	46,518	$	76,593
Net loss from discontinued operations		(52,709)		(24,336)		(3,121)
Net income attributable to CAI common stockholders	$	18,904	$	22,182	$	73,472
Denominator
Weighted-average shares used in per share computation - basic		17,546		17,731		19,562
Effect of dilutive securities:
Stock options and restricted stock		217		280		260
Weighted-average shares used in per share computation - diluted		17,763		18,011		19,822

Net income (loss) per share attributable to CAI common stockholders:
Basic
Continuing operations	$	4.08	$	2.62	$	3.92
Discontinued operations	$	(3.00)	$	(1.37)	$	(0.16)
Total basic	$	1.08	$	1.25	$	3.76
Diluted
Continuing operations	$	4.03	$	2.58	$	3.86
Discontinued operations	$	(2.97)	$	(1.35)	$	(0.15)
Total diluted	$	1.06	$	1.23	$	3.71

Certain options, restricted stock awards and time- and performance-based restricted stock units issued under employee benefit plans are excluded from the computation of diluted earnings per share because they were anti-dilutive. For the years ended December 31, 2020, 2019 and 2018, 99,854 shares, 57,411 shares and 160,163 shares, respectively, of stock options, restricted stock awards and time- and performance-based restricted stock units were excluded.