EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

EARNINGS PER SHARE

7. EARNINGS PER SHARE

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, stock options, and Operating Partnership Units.

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 June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
NUMERATOR
Basic:
Net income (loss)	$	10,562	$	15,623	$	29,565	$	(109,945	)
Diluted:
Net income (loss)	$	10,562	$	15,623	$	29,565	$	(109,945	)
DENOMINATOR
Basic:
Weighted average common shares outstanding		120,529		120,283		120,662		120,098
Diluted:
Weighted average common shares outstanding		120,529		120,283		120,662		120,098
Effect of dilutive securities:
Restricted stock-based awards	817			434	721			—
Non-controlling interest - Operating Partnership      Units		—		1,342		—		—
Weighted average shares and assumed conversions		121,346		122,059		121,383		120,098
BASIC EARNINGS (LOSS) PER SHARE	$	0.09	$	0.13	$	0.25	$	(0.92	)
DILUTED EARNINGS (LOSS) PER SHARE	$	0.09	$	0.13	$	0.24	$	(0.92	)

For the six months ended June 30, 2021, 0.3 million restricted stock-based awards and 1.3 million non-controlling interest - operating partnership units were excluded from the computation of diluted loss per share because they were anti-dilutive.  In addition, approximately 16,000 and 0.3 million of stock options were excluded from the computation of diluted earnings per share for the three months ended June 30, 2022 and 2021, respectively, because they were anti-dilutive. Approximately 0.1 million and 0.4 million stock options were excluded from the computation of diluted earnings (loss) per share for the six months ended June 30, 2022 and 2021, respectively, because they were anti-dilutive.