Note 16 - Weighted Average Shares Outstanding and Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

16.  Weighted Average Shares Outstanding and Net Income (Loss) Per Share

The following table presents a reconciliation of the weighted average shares outstanding used in calculating basic and diluted net income (loss) per share as well as the calculation of basic and diluted net income (loss) per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2019		2018		2019			2018
Numerator (basic and diluted)
Net income (loss) allocated to common shareholders for basic calculation	$	20,488	$	55,672	$	(111,922	)	$	35,864
Effect of dilutive convertible notes		—		296		—			—
Net income (loss) allocated to common shareholders for basic calculation		20,488		55,968		(111,922	)		35,864
Denominator
Weighted average common shares outstanding, basic		46,788		46,308		46,771			42,443
Dilutive effect of RSUs and convertible notes 1		382		1,502		—			467
Weighted average common shares outstanding, diluted		47,170		47,810		46,771			42,910
Net income (loss) per share, basic	$	0.44	$	1.20	$	(2.39	)	$	0.84
Net income (loss) per share, diluted	$	0.43	$	1.17	$	(2.39	)	$	0.84

¹ Due to the net loss for the nine months ended September 30, 2019, RSUs representing approximately 393,000 shares have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive.

² Weighted average shares of approximately 1.1 million have been included in the number of shares used in calculating diluted net income per share for the three months ended September 30, 2018 based on the assumption that the 8% Convertible Notes were converted to Granite shares as of July 1, 2018 through their conversion on August 15, 2018. The shares have been excluded from the nine months ended September 30, 2018 as their inclusion would be antidilutive.