Common Stock and Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Common Stock and Earnings (Loss) Per Share

COMMON STOCK AND EARNINGS (LOSS) PER SHARE

Common & Preferred Stock

The Company's charter authorizes 80,000,000 shares of Common Stock with a $3 par value per share and 16,000,000 shares of Class B Common Stock with a $3 par value per share. Holders of Class B Common Stock have the right to twenty votes per share on matters that are submitted to Shareholders for approval and to dividends in an amount not greater than dividends declared and paid on Common Stock. Class B Common Stock is restricted as to transferability and may be converted into Common Stock on a one share for one share basis. The Company's charter also authorizes 200,000,000 shares of Class C Common Stock, $3 par value per share, and 16,000,000 shares of Preferred Stock. No shares of Class C Common Stock or Preferred Stock have been issued.

Repurchases of Common Stock

On August 3, 2022, the Company's Board of Directors approved the repurchase of up to $3,000 of the Company's Common Stock. A portion of such purchases was under a plan pursuant to Rule 10b-5-1 of the Securities and Exchange Act ("Plan"). The Company repurchased 605,749 shares under the Plan at a cost of $642.

Earnings (Loss) Per Share

The Company's unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of earnings per share. The accounting guidance requires additional disclosure of EPS for common stock and unvested share-based payment awards, separately disclosing distributed and undistributed earnings. Undistributed earnings represent earnings that were available for distribution but were not distributed. Common stock and unvested share-based payment awards earn dividends equally. All earnings were undistributed in all periods presented.

The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations:



	2022		2021
Basic earnings (loss) per share:
Income (loss) from continuing operations	$	(33,415)	$	5,153
Less: Allocation of earnings to participating securities	—		(200)
Income (loss) from continuing operations available to common shareholders - basic	$	(33,415)	$	4,953
Basic weighted-average shares outstanding (1)	15,121		15,114
Basic earnings (loss) per share - continuing operations	$	(2.21)	$	0.33

Diluted earnings (loss) per share:
Income (loss) from continuing operations available to common shareholders - basic	$	(33,415)	$	4,953
Add: Undistributed earnings reallocated to unvested shareholders	—		2
Income (loss) from continuing operations available to common shareholders - basic	$	(33,415)	$	4,955
Basic weighted-average shares outstanding (1)	15,121		15,114
Effect of dilutive securities:
Stock options (2)	—		6
Directors' stock performance units (2)	—		130
Diluted weighted-average shares outstanding (1)(2)	15,121		15,250
Diluted earnings (loss) per share - continuing operations	$	(2.21)	$	0.32

(1)Includes Common and Class B Common shares, excluding 944 and 669 unvested participating securities, in thousands, for 2022 and 2021, respectively.

(2)Shares issuable under stock option plans where the exercise price is greater than the average market price of the Company's Common Stock during the relevant period and directors' stock performance units have been excluded to the extent they are anti-dilutive. Aggregate shares, in thousands, excluded were 130 in 2022 and 4 in 2021.