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Earnings Per Share
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2023 and 2022.

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,
2023

 

 

September 30,
2022

 

 

September 30,
2023

 

 

September 30,
2022

 

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(86,317

)

 

$

(351

)

 

$

(90,431

)

 

$

20,563

 

Less: Redeemable preferred stock dividends and accretion

 

 

(9,853

)

 

 

(9,192

)

 

 

(28,938

)

 

 

(27,103

)

Less: European noncontrolling redeemable equity dividend

 

 

(8

)

 

 

(20

)

 

 

(29

)

 

 

(42

)

Basic numerator

 

$

(96,178

)

 

$

(9,563

)

 

$

(119,398

)

 

$

(6,582

)

Basic (loss) earnings per share

 

$

(3.42

)

 

$

(0.35

)

 

$

(4.29

)

 

$

(0.25

)

Weighted average shares outstanding – Basic

 

 

28,091

 

 

 

27,016

 

 

 

27,812

 

 

 

26,779

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(86,317

)

 

$

(351

)

 

$

(90,431

)

 

$

20,563

 

Less: Redeemable preferred stock dividends and accretion

 

 

(9,853

)

 

 

(9,192

)

 

 

(28,938

)

 

 

(27,103

)

Less: European noncontrolling redeemable equity dividend

 

 

(8

)

 

 

(20

)

 

 

(29

)

 

 

(42

)

Diluted numerator

 

$

(96,178

)

 

$

(9,563

)

 

$

(119,398

)

 

$

(6,582

)

Diluted (loss) earnings per share

 

$

(3.42

)

 

$

(0.35

)

 

$

(4.29

)

 

$

(0.25

)

Weighted average shares outstanding – Basic

 

 

28,091

 

 

 

27,016

 

 

 

27,812

 

 

 

26,779

 

Dilutive effect of common share equivalents

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted average shares outstanding – Diluted

 

 

28,091

 

 

 

27,016

 

 

 

27,812

 

 

 

26,779