EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

Basic EPS is computed by dividing Net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted EPS is determined in the same manner as basic EPS except that the number of shares is increased assuming exercise or contingent issuance of the restricted stock units, options, warrants or other dilutive securities; and conversion of the convertible trust preferred securities, if any. Additionally, when dilutive, interest expense (net of tax) related to the convertible trust preferred securities, if any, is added back to Net income attributable to common shareholders. The calculation of diluted EPS excludes the potential dilution of common shares and the inclusion of any related expenses if the effect is anti-dilutive.

The following tables present a reconciliation of the components of basic and diluted EPS computations for the periods indicated:


	For the year ended December 31,
	2020		2019		2018
	(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income from continuing operations	$	45,159	$	80,390	$	81,869
Less: Net income attributable to noncontrolling interests	6		362		3,487
Net income from continuing operations attributable to the Company	45,153		80,028		78,382
Decrease/(increase) in noncontrolling interests’ redemption values (1)	414		1,143		2,303
Dividends on preferred stock	—		—		(3,985)
Total adjustments to income attributable to common shareholders	414		1,143		(1,682)
Net income from continuing operations attributable to common shareholders, treasury stock method	45,567		81,171		76,700
Net income from discontinued operations	—		—		2,002
Net income attributable to common shareholders, treasury stock method	$	45,567	$	81,171	$	78,702

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding	82,359,528		83,430,740		83,596,685
Per share data - Basic earnings per share from:
Continuing operations	$	0.55	$	0.97	$	0.92
Discontinued operations	$	—	$	—	$	0.02
Total attributable to common shareholders	$	0.55	$	0.97	$	0.94


	For the year ended December 31,
	2020		2019		2018
	(In thousands, except share and per share data)
Diluted earnings per share - Numerator:
Net income from continuing operations attributable to common shareholders, after assumed dilution	$	45,567	$	81,171	$	76,700
Net income from discontinued operations	—		—		2,002
Net income attributable to common shareholders, after assumed dilution	$	45,567	$	81,171	$	78,702
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding	82,359,528		83,430,740		83,596,685
Dilutive effect of:
Time-based and market-based stock options, performance-based and time-based restricted stock units, and other dilutive securities (2)	398,257		490,052		1,002,764
Warrants to purchase common stock (2)	—		—		731,865
Dilutive common shares	398,257		490,052		1,734,629
Weighted average diluted common shares outstanding (2)	82,757,785		83,920,792		85,331,314
Per share data - Diluted earnings per share from:
Continuing operations	$	0.55	$	0.97	$	0.90
Discontinued operations	$	—	$	—	$	0.02
Total attributable to common shareholders	$	0.55	$	0.97	$	0.92
Dividends per share declared and paid on common stock	$	0.36	$	0.48	$	0.48

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(1)See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” for a description of the redemption values related to the Redeemable noncontrolling interests. In accordance with ASC 480, an increase in redemption value from period to period reduces Net income attributable to common shareholders. A decrease in redemption value from period to period increases Net 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 years ended December 31, 2020, 2019, and 2018 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. This includes shares excluded from the computation of diluted EPS because the effect would have been anti-dilutive and out-of-the money options, where the exercise prices were greater than the average market price of common shares for the period, because their inclusion would have been anti-dilutive As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows:


	For the year ended December 31,
	2020	2019	2018
Anti-dilutive shares excluded from computation of average dilutive EPS	(In thousands)

Potential common shares from: options, restricted stock units, or other dilutive securities	2,240	854	261
Total anti-dilutive shares excluded from computation of average dilutive EPS	2,240	854	261