Earnings Per Share

12 Months Ended

Dec. 31, 2022

NOTE 12 - EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European noncontrolling redeemable equity dividends, by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares discussed in Note 11, “Redeemable Preferred Stock” (convertible into 5,326 thousand shares) have not been included in the diluted earnings per share because the inclusion of such shares on an as converted basis would be anti-dilutive for the years ended December 31, 2022 and 2021.


Year Ended December 31,	2022			2021
(Dollars in thousands, except per share amounts)
Basic Earnings Per Share:
Net income	$	37,034		$	3,754
Less: Redeemable preferred stock dividends and accretion		(36,453	)		(34,050	)
Less: European noncontrolling redeemable equity dividend		(53	)		(42	)
Basic numerator	$	528		$	(30,338	)
Basic earnings (loss) per share	$	0.02		$	(1.17	)
Weighted average shares outstanding – Basic		26,839			25,995
Diluted Earnings Per Share:
Net income	$	37,034		$	3,754
Less: Redeemable preferred stock dividends and accretion		(36,453	)		(34,050	)
Less: European noncontrolling redeemable equity dividend		(53	)		(42	)
Diluted numerator	$	528		$	(30,338	)
Diluted earnings (loss) per share	$	0.02		$	(1.17	)
Weighted average shares outstanding – Basic		26,839			25,995
Dilutive effect of common share equivalents		751			—
Weighted average shares outstanding – Diluted		27,590			25,995