Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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 three months ended March 31, 2023 and March 31, 2022.

	Three Months Ended
	March 31, 2023			March 31, 2022
(Dollars in thousands, except per share amounts)
Basic Earnings Per Share:
Net (loss) income	$	(4,047	)	$	10,070
Less: Redeemable preferred stock dividends and accretion		(9,440	)		(8,910	)
Less: European noncontrolling redeemable equity dividend		(10	)		(11	)
Basic numerator	$	(13,497	)	$	1,149
Basic (loss) earnings per share	$	(0.49	)	$	0.04
Weighted average shares outstanding – Basic		27,299			26,397
Diluted Earnings Per Share:
Net (loss) income	$	(4,047	)	$	10,070
Less: Redeemable preferred stock dividends and accretion		(9,440	)		(8,910	)
Less: European noncontrolling redeemable equity dividend		(10	)		(11	)
Diluted numerator	$	(13,497	)	$	1,149
Diluted (loss) earnings per share	$	(0.49	)	$	0.04
Weighted average shares outstanding – Basic		27,299			26,397
Dilutive effect of common share equivalents		—			1,017
Weighted average shares outstanding – Diluted		27,299			27,414