Earnings Per Share

3 Months Ended

Mar. 31, 2022

Note 5 – Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing the net income attributable to our Company by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by dividing the net income attributable to our Company by the weighted average number of common and common equivalent shares outstanding during the period and is calculated using the treasury stock method for equity-based compensation awards.

The following table sets forth the computation of basic and diluted EPS and a reconciliation of the weighted average number of common and common equivalent shares outstanding:



	Three Months Ended
	March 31,
(Dollars in thousands, except share data)	2022		2021
Numerator:
Net income (loss) attributable to Reading International, Inc	$	(15,354)	$	18,965
Denominator:
Weighted average number of common stock – basic		21,955,985		21,761,307
Weighted average dilutive impact of awards		544,673		408,961
Weighted average number of common stock – diluted		22,500,658		22,170,268
Basic earnings (loss) per share	$	(0.70)	$	0.87
Diluted earnings (loss) per share	$	(0.70)	$	0.86
Awards excluded from diluted earnings (loss) per share		544,673		514,341

Our weighted average number of common stock - basic increased, primarily as a result of the vesting of restricted stock units. During the first three months of 2022 and 2021, we did not repurchase any shares of Class A Common Stock.

Certain shares issuable under stock options and restricted stock units were excluded from the computation of diluted net income (loss) per share in periods when their effect was anti-dilutive; either because our Company incurred a net loss for the period, or the exercise price of the options was greater than the average market price of the common stock during the period, or the effect was anti-dilutive as a result of applying the treasury stock method.