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STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE

NOTE 4. STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE

Accumulated Other Comprehensive Income

The following table summarizes the components of, and changes in, accumulated other comprehensive income
(loss), net of income taxes.


		Foreign Currency Translation		Change in Fair Value of Cash Flow Hedges		Minimum Pension Benefit Retirement Liability		Total
Balance at December 31, 2023	$	(10,796)	$	5,474	$	11,436	$	6,114
Other comprehensive income prior to reclassifications		(6,589)		1,405		-		(5,184)
Amounts reclassified from accumulated other comprehensive income		-		(2,785)		-		(2,785)
Balance at March 31, 2024	$	(17,385)	$	4,094	$	11,436	$	(1,855)

Amounts reclassified from accumulated other comprehensive income (loss) to the specific caption within the
Consolidated Statements of Operations were as follows:


	Three Months Ended March 31,		To Caption on
	2024		Consolidated Statements of Operations
Cash flow hedges	$	(2,785)	Interest expense

Earnings Per Share

The following table summarizes our earnings per share (“EPS”):


	Three Months Ended March 31,
	2024		2023
Income from continuing operations	$	5,787	$	31,752


Basic weighted-average common shares outstanding		37,359		37,475
Dilutive effect of stock awards		328		282
Diluted weighted-average common shares outstanding		37,687		37,757


EPS from continuing operations
Basic EPS	$	0.15	$	0.85
Diluted EPS	$	0.15	$	0.84


Anti-dilutive shares not included above
Stock awards		28		102
Warrants		3,194		—
Total anti-dilutive shares		3,222		102

We compute basic earnings per share of common stock (“Basic EPS”) by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period.

See Note 16. Long-Term Debt for information regarding our Convertible Notes, Note Hedges, and Warrants. For diluted earnings per share of common stock (“Diluted EPS”), we increase the weighted-average number of common shares outstanding during the period, as needed, to include the following:

●

Dilutive impact associated with the Convertible Notes using the if-converted method. The Convertible Notes are repayable in cash up to par value and in cash or shares of common stock for the excess over par value. When the stock price is lower than the strike price, there is no dilutive or anti-dilutive impact. Prior to conversion, we do not consider the Note Hedges for purposes of Diluted EPS as their effect would be anti-dilutive. Upon conversion, we expect the Note Hedges to offset the dilutive effect of the Convertible Notes when the stock price is above $137.46 but below $179.76;

●

Additional common shares that would have been outstanding if our outstanding stock awards had been converted to common shares using the treasury stock method. We exclude any stock awards that have an anti-dilutive effect; and

●

Dilutive effect of the Warrants issued concurrently with the Convertible Notes using the treasury stock method. For all periods presented, the Warrants did not increase the weighted-average number of common shares outstanding because the $179.76 exercise price of the Warrants exceeded the average market price of our common stock.

Share Repurchase

At March 31, 2024, the remaining amount authorized by the Board of Directors (“the Board”) for future share repurchases was $199.2 million with no time limitation. There were no share repurchases during any periods presented.