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Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Income (Loss) Per Share

Note 14. Income (Loss) Per Share

The components of basic and diluted income (loss) per share are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss) attributable to Viad (diluted)

 

$

15,067

 

 

$

(30,758

)

 

$

(70,111

)

 

$

(323,621

)

Less: Allocation to participating securities

 

 

(3,141

)

 

 

—

 

 

 

—

 

 

 

—

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

—

 

 

 

(1,950

)

 

 

—

 

Convertible preferred stock dividends paid in kind

 

 

—

 

 

 

(1,134

)

 

 

(3,821

)

 

 

(1,134

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

(488

)

 

 

(468

)

 

 

(1,091

)

 

 

(926

)

Net income (loss) allocated to Viad common stockholders (basic)

 

$

9,488

 

 

$

(32,360

)

 

$

(76,973

)

 

$

(325,681

)

Add: Allocation to participating securities

 

 

36

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income (loss) allocated to Viad common stockholders (diluted)

 

$

9,524

 

 

$

(32,360

)

 

$

(76,973

)

 

$

(325,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,420

 

 

 

20,293

 

 

 

20,396

 

 

 

20,263

 

Additional dilutive shares related to share-based compensation

 

 

322

 

 

 

—

 

 

 

—

 

 

 

—

 

Diluted weighted-average outstanding shares

 

 

20,742

 

 

 

20,293

 

 

 

20,396

 

 

 

20,263

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

0.46

 

 

$

(1.59

)

 

$

(3.77

)

 

$

(16.07

)

Diluted income (loss) attributable to Viad common stockholders(1)

 

$

0.46

 

 

$

(1.59

)

 

$

(3.77

)

 

$

(16.07

)

 

(1)
Diluted loss per share amount cannot exceed basic loss per share.

Diluted loss per common share is calculated using the more dilutive of the two-class method or as-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The as-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating loss per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share.

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

2020

 

Convertible preferred stock

 

 

—

 

 

 

6,353

 

 

 

6,584

 

 

6,353

 

Unvested restricted share-based awards

 

 

3

 

 

 

135

 

 

 

173

 

 

105

 

Unvested performance share-based awards

 

 

—

 

 

 

—

 

 

 

28

 

 

—

 

Stock options

 

 

138

 

 

 

27

 

 

 

219

 

 

14