Equity and Earnings per Share

12 Months Ended

Dec. 31, 2023

(10) Equity and Earnings per Share

Our common equity consists of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”). All holders of Class A Common Stock have one vote per share in matters subject to a stockholder vote.

Class B Common Stock Reclassification

On December 18, 2023, following the approval of our Board and stockholders each outstanding share of Class B Common Stock, par value $0.01 per share, was automatically reclassified into one share of Class A Common Stock. Prior to the reclassification, holders of Class B Common Stock were not entitled to vote on the election or removal of our directors.

This reclassification became effective as of December 18, 2023, at which time our Class B Common Stock was no longer outstanding. There was no impact on basic and diluted EPS or the carrying value of total common stock as presented in our consolidated balance sheet as it was a one-for-one stock exchange.

Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of Common Stock outstanding during the period plus any potentially dilutive Common Stock, such as restricted stock awards and restricted stock units calculated using the treasury stock method.

The following table presents the reconciliation between the weighted average number of shares for basic and diluted earnings per share.


	Successor						Predecessor
	For the Year Ended December 31, 2023		For the Year Ended December 31, 2022		For the Period February 3, 2021 through December 31, 2021		For the Period January 1, 2021 through February 2, 2021
Weighted-average shares outstanding - basic		20,126		20,024		19,998		14,845
Potentially dilutive stock awards and units		26		63		-		60
Weighted-average shares outstanding - diluted		20,152		20,087		19,998		14,905