Earnings Per Share

6 Months Ended

Jun. 30, 2024

NOTE 11 – 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 10, “Redeemable Shares” (convertible into 5,446 thousand shares) are participating securities and have not been included in the diluted earnings per share because they would be anti-dilutive for the three and six months ended June 30, 2024 and June 30, 2023. 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 and six months ended June 30, 2024 and June 30, 2023 were attributed to the common shares.


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
(Dollars in thousands, except per share amounts)
Basic Earnings (Loss) Per Share:
Net income (loss)	$	(11,124	)	$	(67	)	$	(43,873	)	$	(4,114	)
Less: Redeemable preferred stock dividends and accretion		(10,353	)		(9,645	)		(20,519	)		(19,085	)
Less: Noncontrolling redeemable equity dividend		—			(11	)		(7	)		(21	)
Basic numerator	$	(21,477	)	$	(9,723	)	$	(64,399	)	$	(23,220	)
Basic earnings (loss) per share	$	(0.75	)	$	(0.35	)	$	(2.26	)	$	(0.84	)
Weighted average shares outstanding – Basic		28,732			28,035			28,493			27,669
Diluted Earnings (Loss) Per Share:
Net income (loss)	$	(11,124	)	$	(67	)	$	(43,873	)	$	(4,114	)
Less: Redeemable preferred stock dividends and accretion		(10,353	)		(9,645	)		(20,519	)		(19,085	)
Less: Noncontrolling redeemable equity dividend		—			(11	)		(7	)		(21	)
Diluted numerator	$	(21,477	)	$	(9,723	)	$	(64,399	)	$	(23,220	)
Diluted earnings (loss) per share	$	(0.75	)	$	(0.35	)	$	(2.26	)	$	(0.84	)
Weighted average shares outstanding – Basic		28,732			28,035			28,493			27,669
Dilutive effect of common share equivalents		—			—			—			—
Weighted average shares outstanding – Diluted		28,732			28,035			28,493			27,669