Earnings Per Share

3 Months Ended

Mar. 31, 2021

(14) 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.

The following table sets forth the reconciliation of basic and diluted net income per share for the three months ended March 31, 2021 and 2020 (in thousands, except per share data):




	Three Months Ended March 31,
	2021		2020
Numerator
Net income from continuing operations	$	32,470	$	10,462
Net income (loss) from discontinued operations		1,063		(13,999)
Net income (loss) attributable to CAI common stockholders	$	33,533	$	(3,537)
Denominator
Weighted-average shares used in per share computation - basic		17,271		17,433
Effect of dilutive securities:
Stock options and restricted stock		247		282
Weighted-average shares used in per share computation - diluted		17,518		17,715

Net (loss) income per share attributable to CAI
common stockholders:
Basic
Continuing operations	$	1.88	$	0.60
Discontinued operations		0.06		(0.80)
Total basic	$	1.94	$	(0.20)
Diluted
Continuing operations	$	1.85	$	0.59
Discontinued operations		0.06		(0.79)
Total diluted	$	1.91	$	(0.20)

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 three months ended March 31, 2021, 112 shares of stock options, restricted stock awards and time- and performance-based restricted stock units were excluded. For the three months ended March 31, 2020, 97,606 shares of stock options, restricted stock awards and time- and performance-based restricted stock units were excluded.