Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Numerator:

Income (Loss) Per Share

5. INCOME (LOSS) PER SHARE:

The computation of basic and diluted earnings per common share is as follows (in thousands, except per share data):

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2022		2021		2022		2021
Numerator:
Net income (loss) available to common shareholders	$	50,284	$	(57,919)	$	25,663	$	(162,440)
Net income attributable to noncontrolling interest in consolidated joint venture		280		—		—		—
Net income (loss) available to common shareholders - if-converted method	$	50,564	$	(57,919)	$	25,663	$	(162,440)
Denominator:
Weighted average shares outstanding - basic		55,150		55,058		55,118		55,026
Effect of dilutive stock-based compensation		170		—		203		—
Effect of dilutive put rights		542		—		—		—
Weighted average shares outstanding - diluted		55,862		55,058		55,321		55,026
Basic income (loss) per share available to common stockholders	$	0.91	$	(1.05)	$	0.47	$	(2.95)
Diluted income (loss) per share available to common stockholders	$	0.91	$	(1.05)	$	0.46	$	(2.95)

For each of the three months and six months ended June 30, 2021, the effect of dilutive stock-based compensation was the equivalent of 0.1 million shares of common stock outstanding. Because the Company had a loss available to common stockholders in the three months and six months ended June 30, 2021, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed in Note 2, “OEG Transaction,” the OEG Investor will have certain put rights to require the Company to purchase its equity interest in OEG, which the Company may pay in cash or Company stock, at the Company’s option. The Company calculated potential dilution for the put rights based on the if-converted method, which assumes the put rights were converted on the first day of the period or the date of issuance. For the six months ended June 30, 2022, the effect of these put rights was the equivalent of 0.3 million shares of Company common stock outstanding. Because these put rights were anti-dilutive for the six months ended June 30, 2022, these incremental shares were excluded from the computation of dilutive earnings per share.

The operating partnership units (“OP Units”) held by the noncontrolling interest holders in the Operating Partnership have been excluded from the denominator of the diluted income (loss) per share calculation for the three months and six months ended June 30, 2022 and 2021 as there would be no effect on the calculation of diluted income (loss) per share because the income (loss) attributable to the OP Units held by the noncontrolling interest holders would also be subtracted to derive net income (loss) available to common stockholders.