XML 23 R11.htm IDEA: XBRL DOCUMENT v3.20.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE

Basic earnings (loss) per share of common stock are computed by dividing net earnings (loss) available to each class of common stockholders on an as if distributed basis by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share, by definition, 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 distributed earnings (loss) of each class of common stock. U.S. GAAP requires a two-class presentation for the Company's two classes of common stock. The Company currently has no share-based compensation awards outstanding that could be redeemed for shares of common stock.

Net earnings (loss) for the periods shown below is allocated between Class A shares and Class B shares based upon (1) the proportionate number of shares issued and outstanding as of the end of the period, and (2) the per share dividend rights of the two classes under the Company's Restated Certificate of Incorporation (the Class B dividend per share is equal to one-half the Class A dividend per share).

 
Three Months Ended March 31,
 
2020
 
2019
 
Class A
 
Class B
 
Class A
 
Class B
 
(In thousands except per share amounts)
 
 
 
 
 
 
 
 
Numerator for Basic and Diluted Earnings (Loss) Per Share:
 
 
 
 
 
 
 
Net earnings (loss)
$
(2,062
)
 
 
 
40,198

 
 
Dividends - Class A shares
—

 
 
 
—

 
 
Dividends - Class B shares
—

 
 
 
—

 
 
 
 
 
 
 
 
 
 
Undistributed earnings (loss)
$
(2,062
)
 
 
 
40,198

 
 
 
 
 
 
 
 
 
 
Allocation of net earnings (loss):
 

 
 
 
 

 
 
Dividends
$
—

 
—

 
—

 
—

Allocation of undistributed earnings (loss)
(2,004
)
 
(58
)
 
39,061

 
1,137

 
 
 
 
 
 
 
 
Net earnings (loss)
$
(2,004
)
 
(58
)
 
39,061

 
1,137

 
 
 
 
 
 
 
 
Denominator:
 

 
 

 
 

 
 

Basic earnings (loss) per share - weighted-average shares
3,436

 
200

 
3,436

 
200

Effect of dilutive stock options
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share - adjusted weighted-average shares for assumed conversions
3,436

 
200

 
3,436

 
200

 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
(0.58
)
 
(0.29
)
 
11.37

 
5.68

 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
(0.58
)
 
(0.29
)
 
11.37

 
5.68