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Net Income Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share NET INCOME PER SHARE
Basic net income per share is calculated by dividing income allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential shares related to stock compensation awards. No dilutive effect is recognized in a period in which a net loss has occurred.
On February 2, 2021, the Company completed the exchange of 3,873 shares of its outstanding Series B Senior Preferred Stock, par value $1.00 per share (“Preferred Stock”) for (i) 231,276 shares of Class A Common Stock and (ii) a warrant to purchase 250,000 shares of Class A Common Stock at an exercise price of $21.62 per share, for an aggregate valuation of approximately $7.5 million. (Refer to Note 10 - Stockholders’ Equity). The carrying value of the Preferred Stock on the Balance Sheet was $1.00 per share par value. The aggregate liquidation preference of the Preferred Stock, including accrued but unpaid dividends, was $1,291.04 per share as of December 31, 2020.
The aggregate valuation of approximately $7.5 million, less accrued but unpaid dividends attributable to the acquired and retired shares of Preferred Stock, is considered for purposes of Net Income per Share to be a deemed dividend in the aggregate amount equal to the amount by which it exceeds the carrying value of the Preferred Stock on the Balance Sheet, or $6.6 million.
The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income per share are as follows:
 Three Months Ended June 30,Six Months Ended
June 30,
2021202020212020
Numerator (in millions):
Net income$11.6 $33.7 $16.7 $45.0 
Less: Preferred stock dividends - undeclared and cumulative0.7 2.0 1.4 4.0 
Less: Distributed earnings allocable to retired preferred shares— — 6.6 — 
Net income allocable to common stockholders$10.9 $31.7 $8.7 41.0
Denominator (in thousands):
Average common shares outstanding - basic13,443 9,675 13,132 9,647 
Potentially dilutive shares related to stock options and restricted stock units300 252 320 235 
Average common shares outstanding - diluted13,743 9,927 13,452 9,882 
Net income per share (in dollars):
   Basic$0.81 $3.28 $0.66 $4.25 
   Diluted$0.79 $3.19 $0.65 $4.15