Earnings Per Share

3 Months Ended

Mar. 31, 2020

The treasury stock method of calculating earnings per share (“EPS”) is presented below for the three months ended March 31, 2020 and 2019. The following tables present the computations of basic and diluted EPS:


	Three months ended March 31,
	2020		2019
	(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income before attribution to noncontrolling interests	$	806	$	19,542
Less: Net income attributable to noncontrolling interests	6		100
Net income attributable to the Company	800		19,442
Decrease in noncontrolling interests’ redemption values (1)	414		1,557

Total adjustments to income attributable to common shareholders	414		1,557


Net income attributable to common shareholders, treasury stock method	$	1,214	$	20,999

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding	83,005,064		83,285,095
Per share data - Basic earnings per share:


Total attributable to common shareholders	$	0.01	$	0.25


	Three months ended March 31,
	2020		2019
	(In thousands, except share and per share data)
Diluted earnings per share - Numerator:


Net income attributable to common shareholders, after assumed dilution	$	1,214	$	20,999
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding	83,005,064		83,285,095
Dilutive effect of:
Time-based and market-based stock options, performance-based and time-based restricted stock, and performance-based and time-based restricted stock units, and other dilutive securities (2)	312,977		725,355


Dilutive common shares	312,977		725,355
Weighted average diluted common shares outstanding (2)	83,318,041		84,010,450
Per share data - Diluted earnings per share:


Total attributable to common shareholders	$	0.01	$	0.25
Dividends per share declared and paid on common stock	$	0.12	$	0.12

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(1)See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the FASB Accounting Standards Codification Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009.

(2)The diluted EPS computations for the three months ended March 31, 2020 and 2019 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows:


	Three months ended March 31,
	2020	2019
Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):	(In thousands)
Potential common shares from:
Options, restricted stock, or other dilutive securities	1,254	796
Total shares excluded due to exercise price exceeding the average market price of common shares during the period	1,254	796