XML 101 R25.htm IDEA: XBRL DOCUMENT v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The Company calculates earnings per share under the two-class method. During the third quarter of 2022, the Company granted RSUs to non-employee directors which include non-forfeitable rights to dividends and are therefore considered “participating securities.” Accordingly, effective in the third quarter of 2022, the Company computes earnings per share under the two-class earnings allocation method. The two-class method is an earnings allocation formula that computes earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
Basic earnings per share amounts have been computed as (i) net income (loss) (ii) less distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of basic shares outstanding for the periods presented. Diluted earnings per share amounts have been computed as (i) basic net income attributable to common stockholders (ii) plus the reallocation of distributed and undistributed earnings allocated to participating securities (iii) divided by the weighted average number of diluted shares outstanding for the periods presented. The Company calculates diluted earnings per share under both the two-class method and treasury stock method and reports the more dilutive of the two calculations.
The following table summarizes the basic and diluted earnings per share for the periods presented:
Year Ended December 31,
202320222021
 (In thousands, except per share data)
Net income from continuing operations$1,023,779 $1,430,463 $188,960 
Distributed and undistributed earnings from continuing operations allocated to participating securities(3,370)(182)— 
Net income from continuing operations attributable to common stockholders (basic)1,020,409 1,430,281 188,960 
Reallocation of distributed and undistributed earnings from continuing operations allocated to participating securities76 6 — 
Net income from continuing operations attributable to common stockholders (diluted)$1,020,485 $1,430,287 $188,960 
Weighted average common shares outstanding:
Basic weighted average common shares outstanding41,490 30,497 19,792 
Dilutive effect of share-based awards
944 1,134 856 
Dilutive effect of warrants964 620 — 
Diluted weighted average common shares outstanding43,398 32,251 20,648 
Basic earnings per share from continuing operations$24.59 $46.90 $9.55 
Diluted earnings per share from continuing operations$23.51 $44.35 $9.15 
Anti-dilutive weighted average common shares:
Potential common shares3,709 2,901 2,144 

For the years ended December 31, 2023, 2022 and 2021, the diluted earnings per share calculation excludes the impact of unvested share-based awards and outstanding warrants that were anti-dilutive.
Basic earnings per share from discontinued operations was 13.96 for the year ended December 31, 2022 and 6.60 for the year ended December 31, 2021. Diluted earnings per share from discontinued operations was 13.20 for the year ended December 31, 2022 and 6.33 for the year ended December 31, 2021.