Earnings Per Share

3 Months Ended

Mar. 31, 2022

NOTE 11 – EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European non-controlling 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 Preferred Stock” 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, 2022 and 2021.


	Three Months Ended
	March 31, 2022			March 31, 2021
(Dollars in thousands, except per share amounts)
Basic Earnings Per Share:
Net income	$	10,070		$	13,122
Less: Redeemable preferred stock dividends and accretion		(8,910	)		(8,290	)
Less: European non-controlling redeemable equity dividend		(11	)		(13	)
Basic numerator	$	1,149		$	4,819
Basic earnings per share	$	0.04		$	0.19
Weighted average shares outstanding – Basic		26,397			25,707
Diluted Earnings Per Share:
Net income	$	10,070		$	13,122
Less: Redeemable preferred stock dividends and accretion		(8,910	)		(8,290	)
Less: European non-controlling redeemable equity dividend		(11	)		(13	)
Diluted numerator	$	1,149		$	4,819
Diluted earnings per share	$	0.04		$	0.18
Weighted average shares outstanding – Basic		26,397			25,707
Dilutive effect of common share equivalents		1,017			980
Weighted average shares outstanding – Diluted		27,414			26,687