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EARNINGS (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

NOTE 12 – EARNINGS (LOSS) PER SHARE

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Company’s outstanding non-vested RSUs are participating securities unless there is a net loss attributable to common stockholders. Accordingly, earnings per common share are computed using the two-class method.

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the Company’s earnings.

For the six months ended June 30, 2021, shares of the Company’s 7.625% Series A Convertible Cumulative Preferred Stock (Series A Preferred Stock) were not included in the computation of diluted earnings (loss) per share as their effects were anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share under the two-class method:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in millions, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17.7

 

 

$

35.3

 

 

$

30.7

 

 

$

28.0

 

Less Series A Preferred Stock dividends

 

 

(1.2

)

 

 

(1.3

)

 

 

(2.5

)

 

 

(2.5

)

Net income attributable to common stockholders

 

 

16.5

 

 

 

34.0

 

 

 

28.2

 

 

 

25.5

 

Allocation of earnings to non-vested participating RSUs

 

 

(0.2

)

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.2

)

Numerator for basic EPS - income available to common stockholders - two class method

 

$

16.3

 

 

$

33.7

 

 

$

27.9

 

 

$

25.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Add back Series A Preferred Stock dividends

 

$

1.2

 

 

$

1.3

 

 

$

2.5

 

 

$

—

 

Add back allocation earnings to participating securities

 

 

0.2

 

 

 

0.3

 

 

 

0.3

 

 

 

0.2

 

Reallocation of earnings to participating securities considering potentially dilutive securities

 

 

(0.2

)

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.2

)

Numerator for diluted EPS - income available to common shareholders - two class method

 

$

17.5

 

 

$

35.0

 

 

$

30.4

 

 

$

25.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic EPS - weighted-average shares

 

 

63,470,040

 

 

 

64,842,620

 

 

 

63,182,277

 

 

 

64,960,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and PSUs

 

 

2,432,826

 

 

 

1,371,510

 

 

 

2,484,663

 

 

 

1,193,738

 

Series A Preferred Stock

 

 

5,652,173

 

 

 

5,652,173

 

 

 

5,652,173

 

 

 

—

 

Denominator for diluted EPS - weighted-average shares

 

 

71,555,039

 

 

 

71,866,303

 

 

 

71,319,113

 

 

 

66,154,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.26

 

 

$

0.52

 

 

$

0.44

 

 

$

0.39

 

Diluted earnings per share

 

$

0.24

 

 

$

0.49

 

 

$

0.43

 

 

$

0.38