Income (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Note 15. Income (Loss) Per Share

The components of basic and diluted income (loss) per share are as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands, except per share data)	2023			2022			2023			2022
Net income (loss) attributable to Viad	$	10,961		$	19,839		$	(9,908	)	$	(9,162	)
Less: Allocation to participating securities		(2,186	)		(4,293	)		—			—
Convertible preferred stock dividends paid in cash		(1,950	)		(1,950	)		(3,900	)		(3,900	)
Adjustment to the redemption value of redeemable noncontrolling interest		—			(412	)		—			(763	)
Net income (loss) allocated to Viad common stockholders (basic)	$	6,825		$	13,184		$	(13,808	)	$	(13,825	)
Add: Allocation to participating securities		11			25			—			—
Net income (loss) allocated to Viad common stockholders (diluted)	$	6,836		$	13,209		$	(13,808	)	$	(13,825	)

Basic weighted-average outstanding common shares		20,840			20,571			20,796			20,544
Additional dilutive shares related to share-based compensation		135			160			—			—
Diluted weighted-average outstanding shares		20,975			20,731			20,796			20,544
Income (loss) per share:
Basic income (loss) attributable to Viad common stockholders	$	0.33		$	0.64		$	(0.66	)	$	(0.67	)
Diluted income (loss) attributable to Viad common stockholders(1)	$	0.33		$	0.64		$	(0.66	)	$	(0.67	)

(1)

Diluted loss per share amount cannot exceed basic loss per share.

Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or if-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating income (loss) per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share.

We excluded the following weighted-average potential common shares from the calculations of diluted net loss per common share during the applicable periods because their inclusion would have been anti-dilutive:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2023		2022		2023		2022
Convertible preferred stock		—		—		6,674		6,674
Unvested restricted share-based awards		17		17		163		168
Unvested performance share-based awards		159		33		155		51
Stock options		372		372		376		277