Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 6 – 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)	2024		2023		2024		2023
	(As Restated)				(As Restated)
Numerator:
Net income (loss) attributable to Reading International, Inc.	$	(7,028)	$	(4,400)	$	(33,062)	$	(18,289)
Denominator:
Weighted average number of common stock – basic		22,426,184		22,273,423		22,394,385		22,208,757
Weighted average dilutive impact of awards		776,008		1,240,292		871,190		1,240,292
Weighted average number of common stock – diluted		23,202,192		23,513,715		23,265,575		23,449,049
Basic earnings (loss) per share	$	(0.31)	$	(0.20)	$	(1.48)	$	(0.82)
Diluted earnings (loss) per share	$	(0.31)	$	(0.20)	$	(1.48)	$	(0.82)
Awards excluded from diluted earnings (loss) per share		207,657		205,122		207,657		205,122

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 2024 or 2023.

207,657 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.