Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2020

We have two classes of common stock, Class A common stock and Class B common stock. Other than voting rights, the Class B common stock has the same rights as the Class A common stock and therefore both are treated as the same class of stock for purposes of the earnings per share calculation. Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards, contingently issuable shares, or convertible securities were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and any contingently issuable shares determined using the treasury stock method, and any convertible securities using the if-converted method.

The following tables summarize the computations of basic and diluted earnings (loss) per share:


For the three months ended June 30,	2020		2019
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
(Loss) income from continuing operations	$	(301,753)	$	107,820
Net loss (income) attributable to noncontrolling interests	27		(6)
(Loss) income from continuing operations attributable to Laureate Education, Inc.	(301,726)		107,814

Accretion of redemption value of redeemable noncontrolling interests and equity	201		194





Net (loss) income from continuing operations available to common stockholders for basic and diluted earnings (loss) per share	$	(301,525)	$	108,008




Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
(Loss) income from discontinued operations, net of tax	$	(12,171)	$	30,280
Gain on sales of discontinued operations, net of tax	2,296		641,516
Loss attributable to noncontrolling interests	3,778		1,982

Net (loss) income from discontinued operations for basic and diluted earnings (loss) per share	$	(6,097)	$	673,778

Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average shares outstanding	209,929		224,658

Dilutive effect of stock options	—		25
Dilutive effect of restricted stock units	—		263
Diluted weighted average shares outstanding	209,929		224,946

Basic and diluted earnings (loss) per share:
(Loss) income from continuing operations	$	(1.44)	$	0.48
(Loss) income from discontinued operations	(0.03)		3.00
Basic and diluted (loss) earnings per share	$	(1.47)	$	3.48


For the six months ended June 30,	2020		2019
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Loss from continuing operations	$	(177,671)	$	(9,249)
Net loss (income) attributable to noncontrolling interests	34		(49)
Loss from continuing operations attributable to Laureate Education, Inc.	(177,637)		(9,298)

Accretion of redemption value of redeemable noncontrolling interests and equity	157		457





Net loss available to common stockholders for basic earnings (loss) per share	$	(177,480)	$	(8,841)




Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
(Loss) income from discontinued operations, net of tax	$	(15,975)	$	93,609
(Loss) gain on sales of discontinued operations, net of tax	(19,666)		889,521
Loss (income) attributable to noncontrolling interests	5,070		(997)

Net (loss) income from discontinued operations for basic and diluted earnings (loss) per share	$	(30,571)	$	982,133

Denominator used in basic and diluted earnings (loss) per common share:




Basic and diluted weighted average shares outstanding	209,863		224,656

Basic and diluted earnings (loss) per share:
Loss from continuing operations	$	(0.85)	$	(0.04)
(Loss) income from discontinued operations	(0.15)		4.37
Basic and diluted (loss) earnings per share	$	(1.00)	$	4.33

The following table summarizes the number of stock options, shares of restricted stock and restricted stock units (RSUs) that were excluded from the diluted EPS calculations because the effect would have been antidilutive:


	For the three months ended June 30,			For the six months ended June 30,
	2020	2019	2020	2019
Stock options	4,100	8,846	4,391	8,993
Restricted stock and RSUs	747	14	705	915