Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Effective October 29, 2021, each share of the Company's Class A common stock and each share of the Company's Class B common stock automatically converted into one share of common stock of the Company. Following the conversion, the Company has only one class of common stock outstanding. Prior to that, our common stock had a dual class structure, consisting of Class A common stock and Class B common stock. Other than voting rights, the Class B common stock had the same rights as the Class A common stock, and therefore both were 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,	2022		2021
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income (loss) from continuing operations	$	39,414	$	(115,885)
(Income) loss attributable to noncontrolling interests	(136)		2
Income (loss) from continuing operations attributable to Laureate Education, Inc.	39,278		(115,883)

Accretion of redemption value of redeemable noncontrolling interests and equity	—		(68)





Net income (loss) from continuing operations for basic and diluted earnings (loss) per share	$	39,278	$	(115,951)




Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Income from discontinued operations, net of tax	$	4,145	$	86,661
Loss attributable to noncontrolling interests	—		222

Net income from discontinued operations for basic and diluted earnings (loss) per share	$	4,145	$	86,883

Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average shares outstanding	167,119		191,990

Dilutive effect of stock options	224		—
Dilutive effect of restricted stock units	120		—
Diluted weighted average shares outstanding	167,463		191,990

Basic earnings (loss) per share:
Income (loss) from continuing operations	$	0.24	$	(0.60)
Income from discontinued operations	0.02		0.45
Basic earnings (loss) per share	$	0.26	$	(0.15)
Diluted earnings (loss) per share:
Income (loss) from continuing operations	$	0.23	$	(0.60)
Income from discontinued operations	0.02		0.45
Diluted earnings (loss) per share	$	0.25	$	(0.15)


For the six months ended June 30,	2022		2021
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Loss from continuing operations	$	(6,001)	$	(280,410)
Loss attributable to noncontrolling interests	333		27
Loss from continuing operations attributable to Laureate Education, Inc.	(5,668)		(280,383)

Accretion of redemption value of redeemable noncontrolling interests and equity	—		(88)





Net loss from continuing operations for basic and diluted loss per share	$	(5,668)	$	(280,471)




Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
Income from discontinued operations, net of tax	$	4,880	$	86,243
Loss attributable to noncontrolling interests	—		212

Net income from discontinued operations for basic and diluted earnings (loss) per share	$	4,880	$	86,455

Denominator used in basic and diluted earnings (loss) per common share:
Basic and diluted weighted average shares outstanding	172,511		196,085




Basic and diluted earnings (loss) per share:
Loss from continuing operations	$	(0.03)	$	(1.43)
Income from discontinued operations	0.03		0.44
Basic and diluted earnings (loss) per share	$	—	$	(0.99)

The following table summarizes the number of stock options and shares of restricted stock units 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,
	2022	2021	2022	2021
Stock options	59	3,256	1,277	3,324
Restricted stock units	277	776	714	688