Earnings Per Share

6 Months Ended

Jun. 30, 2022


13. Earnings Per Share

Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the treasury stock method. The dilutive effect of the warrants is computed using the if-converted method.

Information related to the Company’s EPS calculations is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
thousands except per share amounts	2022		2021		2022		2021
Net income (loss)
Net income (loss)	$	21,432	$	3,617	$	23,603	$	(64,542)
Net (income) loss attributable to noncontrolling interests	132		1,224		83		2,789
Net income (loss) attributable to common stockholders	$	21,564	$	4,841	$	23,686	$	(61,753)

Shares
Weighted-average common shares outstanding - basic	50,786		55,704		51,612		55,691
Restricted stock and stock options	36		53		39		—

Weighted-average common shares outstanding - diluted	50,822		55,757		51,651		55,691

Net income (loss) per common share
Basic income (loss) per share	$	0.42	$	0.09	$	0.46	$	(1.11)
Diluted income (loss) per share	$	0.42	$	0.09	$	0.46	$	(1.11)

For the three months ended June 30, 2022, the diluted EPS computation excludes 252,787 shares of stock options and 323,868 shares of restricted stock because their effect is anti-dilutive. For the six months ended June 30, 2022, the diluted EPS computation excludes 252,787 shares of stock options and 327,050 shares of restricted stock because their effect is anti-dilutive. For the three months ended June 30, 2021, the diluted EPS computation excludes 231,500 shares of stock options and 326,958 shares of restricted stock because their effect is anti-dilutive. For the six months ended June 30, 2021, the diluted EPS computation excludes 285,487 shares of stock options and 472,116 shares of restricted stock because their effect is anti-dilutive. For all periods, the diluted EPS computation excludes 2,103,485 shares related to the O’Reilly Warrant, the Weinreb Warrant and the Herlitz Warrant because their effect is anti-dilutive.

Common Stock Repurchases In October 2021, the Company’s board of directors (Board) authorized a share repurchase program, pursuant to which the Company was authorized to purchase up to $250.0 million of its common stock through open-market transactions. During the fourth quarter of 2021, the Company repurchased 1,023,284 shares of its common stock, par value $0.01 per share, for $96.6 million, or approximately $94.42 per share. During the first quarter of 2022, the Company repurchased an additional 1,579,646 shares of its common stock, for $153.4 million, or approximately $97.10 per share, thereby completing all authorized purchases under the October 2021 program.

In March 2022, the Board, authorized an additional share repurchase program, pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions and the program may be suspended or discontinued at any time. During the first quarter of 2022, the Company repurchased 171,022 shares of its common stock, for $17.3 million, or approximately $101.09 per share under the March 2022 program. During the second quarter of 2022, the Company repurchased an additional 2,164,400 shares of its common stock, for $192.3 million, or approximately $88.83 per share. The Company repurchased an additional 368,806 shares of its common stock, for $25.4 million, or approximately $68.98 per share, through July 28, 2022. This brings total share repurchases under the current $250.0 million authorization to approximately $235 million. All purchases were funded with cash on hand.