Earnings Per Share

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023. In addition, the redeemable preferred shares are considered participating securities because they participate in any common share dividends. In calculating basic and diluted earnings per share, a company with participating securities must allocate earnings to the participating securities with a corresponding reduction in the earnings attributable to common shares under the two-class method. Losses are only allocated to participating securities when the security holders have a contractual obligation to share in the losses of the Company with common stockholders. Because the redeemable preferred shareholders do not have a contractual obligation to share in the Company's losses with common stockholders, the full amount of the Company’s losses for the three months ended March 31, 2024 and March 31, 2023 were attributed to the common shares.


	Three Months Ended
	March 31, 2024			March 31, 2023
(Dollars in thousands, except per share amounts)
Basic (Loss) Earnings Per Share:
Net loss	$	(32,749	)	$	(4,047	)
Less: Redeemable preferred stock dividends and accretion		(10,166	)		(9,440	)
Less: European non-controlling redeemable equity dividend		(7	)		(10	)
Basic numerator	$	(42,922	)	$	(13,497	)
Basic (loss) earnings per share	$	(1.52	)	$	(0.49	)
Weighted average shares outstanding – Basic		28,254			27,299
Diluted (Loss) Earnings Per Share:
Net loss	$	(32,749	)	$	(4,047	)
Less: Redeemable preferred stock dividends and accretion		(10,166	)		(9,440	)
Less: European non-controlling redeemable equity dividend		(7	)		(10	)
Diluted numerator	$	(42,922	)	$	(13,497	)
Diluted (loss) earnings per share	$	(1.52	)	$	(0.49	)
Weighted average shares outstanding – Basic		28,254			27,299
Dilutive effect of common share equivalents		—			—
Weighted average shares outstanding – Diluted		28,254			27,299