Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

17 - Earnings Per Share

We have two classes of common stock, which we refer to as Class A common stock and Class B common stock. Our Class A common stock is entitled to be paid cash dividends that are at least 10% higher than the cash dividends we pay on our Class B common stock. Accordingly, we use the two-class method for the computation of earnings per common share. The two-class method is an earnings allocation formula that determines earnings per share separately for each class of common stock based on dividends declared and an allocation of remaining undistributed earnings using a participation percentage reflecting the dividend rights of each class.

We present below a reconciliation of the numerators and denominators we used in the basic and diluted per share computations for our Class A common stock:

	Year Ended December 31,
(in thousands)	2022			2021		2020
Basic (loss) earnings per share:
Numerator:
Allocation of net (loss) income	$	(1,571	)	$	21,131	$	43,609
Denominator:
Weighted-average shares outstanding		26,409			25,388		23,707
Basic (loss) earnings per share	$	(0.06	)	$	0.83	$	1.84
Diluted (loss) earnings per share:
Numerator:
Allocation of net (loss) income	$	(1,571	)	$	21,131	$	43,609
Denominator:
Number of shares used in basic computation		26,409			25,388		23,707
Weighted-average effect of dilutive securities
Add: Director and employee stock options		—			146		180
Number of shares used in per share computations		26,409			25,534		23,887
Diluted (loss) earnings per share	$	(0.06	)	$	0.83	$	1.83

We used the following information in the basic and diluted per share computations for our Class B common stock:

	Year Ended December 31,
(in thousands)	2022			2021		2020
Basic and diluted (loss) earnings per share:
Numerator:
Allocation of net (loss) income	$	(388	)	$	4,123	$	9,206
Denominator:
Weighted-average shares outstanding		5,577			5,577		5,577
Basic and diluted (loss) earnings per share	$	(0.07	)	$	0.74	$	1.65

We did not include any effect of dilutive securities in the computation of diluted loss per share for 2022 because we sustained a net loss for the period.