EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For CoreCivic, diluted earnings per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to restricted stock-based awards and stock options.

A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
NUMERATOR
Basic:
Net income	$	13,892	$	68,318	$	41,122	$	97,883
Diluted:
Net income	$	13,892	$	68,318	$	41,122	$	97,883
DENOMINATOR
Basic:
Weighted average common shares outstanding		113,605		116,569		113,919		119,282
Diluted:
Weighted average common shares outstanding		113,605		116,569		113,919		119,282
Effect of dilutive securities:
Restricted stock-based awards		802		881		686		774
Weighted average shares and assumed conversions		114,407		117,450		114,605		120,056
BASIC EARNINGS PER SHARE	$	0.12	$	0.59	$	0.36	$	0.82
DILUTED EARNINGS PER SHARE	$	0.12	$	0.58	$	0.36	$	0.82

Approximately 16,000 and 0.1 million stock options were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2022, respectively, because they were anti-dilutive.