Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of computation of basic and diluted EPS

The following tables present the computations of basic and diluted EPS:


	Three months ended March 31,
		2021		2020
		(In thousands, except share and per share data)
Basic earnings per share - Numerator:
Net income before attribution to noncontrolling interests		$	10,652	$	806
Less: Net income attributable to noncontrolling interests		—		6
Net income attributable to the Company		10,652		800
Decrease in noncontrolling interests’ redemption values (1)		—		414




Net income attributable to common shareholders, treasury stock method		$	10,652	$	1,214

Basic earnings per share - Denominator:
Weighted average basic common shares outstanding		82,429,162		83,005,064
Per share data - Basic earnings per share:


Total attributable to common shareholders		$	0.13	$	0.01


	Three months ended March 31,
		2021		2020
		(In thousands, except share and per share data)
Diluted earnings per share - Numerator:


Net income attributable to common shareholders, after assumed dilution		$	10,652	$	1,214
Diluted earnings per share - Denominator:
Weighted average basic common shares outstanding		82,429,162		83,005,064

Dilutive effect of: Time-based and market-based stock options, performance-based and time-based restricted stock units, and other dilutive securities (2)		1,504,945		312,977



Weighted average diluted common shares outstanding (2)		83,934,107		83,318,041
Per share data - Diluted earnings per share:


Total attributable to common shareholders		$	0.13	$	0.01
Dividends per share declared and paid on common stock		$	0.06	$	0.12

_____________________

(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, 2020 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. A decrease in redemption value from period to period increases 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, 2021 and 2020 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:


	Three months ended March 31,
			2021	2020
Anti-dilutive shares excluded from computation of average dilutive EPS		(In thousands)
Potential common shares from: options, restricted stock units, or other dilutive securities			333	1,254
Total anti-dilutive shares excluded from computation of average dilutive EPS			333	1,254

Schedule of antidilutive securities excluded from computation of earnings per share

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,
			2021	2020
Anti-dilutive shares excluded from computation of average dilutive EPS		(In thousands)
Potential common shares from: options, restricted stock units, or other dilutive securities			333	1,254
Total anti-dilutive shares excluded from computation of average dilutive EPS			333	1,254