Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 10 – Earnings Per Share

Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive.

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Basic earnings per share
Net income (loss) attributable to the Company	$	16,198		$	13,262		$	20,992		$	(5,267	)
Less: Earnings allocable to unvested restricted stock		(333	)		(305	)		(852	)		(837	)
Net income (loss) attributable to common shareholders		15,865			12,957			20,140			(6,104	)
Weighted-average basic shares outstanding		30,756			31,305			31,149			31,307
Net income (loss) per share attributable to common shareholders	$	0.52		$	0.41		$	0.65		$	(0.19	)
Diluted earnings per share (1)
Net income (loss) attributable to common shareholders	$	15,865		$	12,957		$	20,140		$	(6,104	)
Weighted-average diluted shares outstanding		30,756			31,305			31,151			31,307
Net income (loss) per share attributable to common shareholders	$	0.52		$	0.41		$	0.65		$	(0.19	)

(1)For the nine months ended September 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and nine months ended September 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and nine months ended September 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,940 and 31,224, respectively, including 184 and 73, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and nine months ended September 30, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and nine months ended September 30, 2023, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,334 and 31,320, respectively, including 29 and 13, respectively, contingently issuable shares related to unvested restricted stock awards.