Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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:

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except share data)	2023		2022		2023		2022
Numerator:
Net income (loss) attributable to Reading International, Inc.	$	(4,400)	$	(5,177)	$	(18,289)	$	(22,967)
Denominator:
Weighted average number of common stock – basic		22,273,423		22,043,823		22,208,757		22,011,755
Weighted average dilutive impact of awards		—		—		—		—
Weighted average number of common stock – diluted		22,273,423		22,043,823		22,208,757		22,011,755
Basic earnings (loss) per share	$	(0.20)	$	(0.23)	$	(0.82)	$	(1.04)
Diluted earnings (loss) per share	$	(0.20)	$	(0.23)	$	(0.82)	$	(1.04)
Awards excluded from diluted earnings (loss) per share		205,122		911,732		205,122		911,732

Our weighted average number of common stock - basic increased, primarily as a result of the vesting of restricted stock units. We did not repurchase any shares of Class A Common Stock during the first nine months of 2023 and 2022.

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.