Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

The following table shows the calculation of basic and diluted earnings per share:


(in thousands, except per share data)	2021		2020		2019
Numerator:
Net income (loss) before attribution of noncontrolling interest	$	110,311	$	(1,722)	$	51,334
Net loss attributable to noncontrolling interest	(2,610)		—		—
Net income (loss) attributable to Amerant Bancorp Inc.	$	112,921	$	(1,722)	$	51,334
Net income (loss) available to common stockholders	$	112,921	$	(1,722)	$	51,334
Denominator:
Basic weighted averages shares outstanding	37,169		41,737		42,543
Dilutive effect of shared-based compensation awards	359		—		396
Diluted weighted average shares outstanding	37,528		41,737		42,939

Basic earnings (loss) per common share	$	3.04	$	(0.04)	$	1.21
Diluted earnings (loss) per common share	$	3.01	$	(0.04)	$	1.20

As of December 31, 2021, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance share units totaling 462,302. As of December 31, 2020 and 2019, potential dilutive instruments consisted of unvested shares of restricted stock and restricted stock units totaling 248,750 and 530,620, respectively, mainly related to the Company’s IPO in 2018.

As of December 31, 2021 and 2019, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share at those dates, fewer shares would have been purchased than restricted shares assumed issued. Therefore, at those dates, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings in 2021 and 2019. As of December 31, 2020, potential dilutive instruments were excluded from the diluted earnings per share computation because the Company reported a net loss and their inclusion would have an anti-dilutive effect in per share earnings in 2020.

See Note 13 to these audited annual consolidated financial statements for more information on restricted stock, restricted stock units and performance share units transactions in 2021, 2020 and 2019.