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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.