EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

3.EARNINGS PER SHARE

Basic and diluted earnings (loss) per common share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for each class of common stock and participating securities considering dividends declared and participation rights in undistributed earnings.  Common stock related to certain of the Company’s restricted stock awards are considered participating securities because holders are entitled to receive non-forfeitable dividends, if declared, during the vesting term.

The potentially dilutive impact of the Company’s restricted stock awards is determined using the treasury stock method.  Under the treasury stock method, if the average market price during the period exceeds the exercise price, these instruments are treated as if they had been exercised with the proceeds of exercise used to repurchase common stock at the average market price during the period.  Any incremental difference between the assumed number of shares issued and repurchased is included in the diluted share computation.

Diluted EPS includes securities that could potentially dilute basic EPS during a reporting period.  Dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive.

The computation of basic and diluted EPS attributable to common shareholders computed using the two-class method is as follows:

	Year Ended December 31,
(In thousands, except per share amounts)	2022		2021		2020
Income (loss) from continuing operations	$	(177,704)	$	(139,127)	$	5,874
Less: dividends on Series A preferred stock		40,104		2,677		—
Less: net income attributable to noncontrolling interest		564		392		325
Loss attributable to common shareholders before allocation of earnings to participating securities		(218,372)		(142,196)		5,549
Less: earnings allocated to participating securities		(6,284)		—		427
Income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities		(212,088)		(142,196)		5,122
Income from discontinued operations		318,353		32,434		31,428
Less: earnings allocated to participating securities		9,161		—		2,417
Income from discontinued operations attributable to common shareholders, after earnings allocated to participating securities		309,192		32,434		29,011
Net income (loss) attributable to common shareholders, after earnings allocated to participating securities	$	97,104	$	(109,762)	$	34,133
Weighted-average number of common shares outstanding		111,754		87,293		72,752
Basic and diluted earnings (loss) per common share:
Income (loss) from continuing operations	$	(1.90)	$	(1.63)	$	0.07
Income from discontinued operations		2.77		0.37		0.40
Net income (loss) per common share attributable to common shareholders - basic and diluted	$	0.87	$	(1.26)	$	0.47

Diluted EPS attributable to common shareholders for the year ended December 31, 2022 and 2021 excludes 3.3 million and 3.2 million potential common shares, respectively, related to our share-based compensation plan. Diluted EPS attributable to common shareholders for the year ended December 31, 2020 excludes 6.1 million potential common shares related to our share-based compensation plan and the contingent payment right (“CPR”) issued to Searchlight on October 2, 2020, as described in Note 4, because the inclusion of the potential common shares would have an antidilutive effect.