Earnings Per Share

3 Months Ended

Mar. 31, 2022

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

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The following table sets forth basic and diluted net income (loss) per common share attributable to common shareholders for the three months ended March 31, 2022 and 2021 (in thousands, except per share data):



	For the three months
	ended March 31,
	2022		2021
Numerator:
Net income (loss) attributable to SBA
Communications Corporation	$	188,623	$	(11,745)
Denominator:
Basic weighted-average shares outstanding		108,086		109,469
Dilutive impact of stock options, RSUs, and PSUs		1,458		—
Diluted weighted-average shares outstanding		109,544		109,469
Net income (loss) per common share attributable to SBA
Communications Corporation:
Basic	$	1.75	$	(0.11)
Diluted	$	1.72	$	(0.11)

For the three months ended March 31, 2022, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. For the three months ended March 31, 2021, all potential common stock equivalents, including 3.1 million shares underlying stock options outstanding, 0.3 million shares underlying RSUs outstanding, and 0.3 million shares underlying PSUs outstanding, were excluded as the effect would be anti-dilutive.