Stock Compensation and Earnings per Share

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock Compensation and Earnings per Share

The Company granted approximately 195 thousand restricted stock units ("RSUs") to employees and approximately 48 thousand RSUs to members of the board of directors, at a market price of $21.57 per award during the three months ended March 31, 2022. Under the terms of the award agreements, the RSUs granted to employees vest ratably on an annual basis through 2026. The RSUs granted to the members of the board of directors vest fully on the first anniversary of the grant date. Additionally, approximately 97 thousand Relative Total Shareholder Return (“RTSR”) awards were granted to employees at a value of $23.83 per award. Pursuant to the terms of the RTSR awards, the Company’s stock performance over a three-year period, ending December 31, 2024, will be compared to a group of peer companies, and the actual number of shares to be issued will be determined based upon the performance of the Company’s stock as compared with that of the peer group. The actual number of shares to be issued ranges from zero (if the Company’s stock performance is in the bottom 25% of the peer group) to 150% of the awards granted (if the Company’s stock performance is in the top 25% of the peer group). The Company's stock based compensation award vesting is subject to requirements relating to continued employment with the Company through the service or performance periods, and to special vesting provisions in case of a change of control, death, disability or retirement.

We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2022		2021
Calculation of net income (loss) per share:
Income (loss) from continuing operations	$	(603)	$	2,945
Total income from discontinued operations, net of tax	$	—	$	48,472
Net income (loss)	$	(603)	$	51,417
Basic weighted average shares outstanding	50,146		49,947
Basic net income (loss) per share - continuing operations	$	(0.01)	$	0.06
Basic net income per share - discontinued operations	$	—	$	0.97
Basic net income (loss) per share	$	(0.01)	$	1.03

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,146		49,947
Effect from dilutive shares and options outstanding	—		134
Diluted weighted average shares outstanding	50,146		50,081
Diluted net income (loss) per share - continuing operations	$	(0.01)	$	0.06
Diluted net income per share - discontinued operations	$	—	$	0.97
Diluted net income (loss) per share	$	(0.01)	$	1.03

There were approximately 147 thousand potentially dilutive equity awards for the three months ended March 31, 2022; however, these securities were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company's net loss for the period. There were fewer than 100 thousand anti-dilutive equity awards outstanding for the three months ended March 31, 2021.