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Earnings Per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 11 – EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European non-controlling redeemable equity dividends, by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares discussed in Note 10, “Redeemable Preferred Stock” have not been included in the diluted earnings per share because the inclusion of such shares on an as converted basis would be anti-dilutive for the three and six months ended June 30, 2022 and 2021.

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

2022

 

 

June 30,

2021

 

 

June 30,

2022

 

 

June 30,

2021

 

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

10,844

 

 

$

1,695

 

 

$

20,914

 

 

$

14,817

 

Less: Redeemable preferred stock dividends and accretion

 

 

(9,001

)

 

 

(8,422

)

 

 

(17,911

)

 

 

(16,712

)

Less: European non-controlling redeemable equity dividend

 

 

(11

)

 

 

(25

)

 

 

(22

)

 

 

(38

)

Basic numerator

 

$

1,832

 

 

$

(6,752

)

 

$

2,981

 

 

$

(1,933

)

Basic earnings (loss) per share

 

$

0.07

 

 

$

(0.26

)

 

$

0.11

 

 

$

(0.07

)

Weighted average shares outstanding – Basic

 

 

26,918

 

 

 

25,974

 

 

 

26,659

 

 

 

25,841

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

10,844

 

 

$

1,695

 

 

$

20,914

 

 

$

14,817

 

Less: Redeemable preferred stock dividends and accretion

 

 

(9,001

)

 

 

(8,422

)

 

 

(17,911

)

 

 

(16,712

)

Less: European non-controlling redeemable equity dividend

 

 

(11

)

 

 

(25

)

 

 

(22

)

 

 

(38

)

Diluted numerator

 

$

1,832

 

 

$

(6,752

)

 

$

2,981

 

 

$

(1,933

)

Diluted earnings (loss) per share

 

$

0.07

 

 

$

(0.26

)

 

$

0.11

 

 

$

(0.07

)

Weighted average shares outstanding – Basic

 

 

26,918

 

 

 

25,974

 

 

 

26,659

 

 

 

25,841

 

Dilutive effect of common share equivalents

 

 

504

 

 

 

—

 

 

 

677

 

 

 

—

 

Weighted average shares outstanding – Diluted

 

 

27,422

 

 

 

25,974

 

 

 

27,336

 

 

 

25,841