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Net Income Per Share | 6 Months Ended
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Jun. 30, 2022
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’ Equit y. The aggregate valuation of approximately $7.5 million, less accrued but unpaid dividends attributable to the acquired and retired shares of Preferred Stock, was considered for purposes of Net Income per Share for the six months ended June 30, 2021, to be a deemed dividend in the aggregate amount equal to the amount by which it exceeded the carrying value of the Preferred Stock on the Balance Sheet of $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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Numerator (in millions): |  |  |  |  |  |  |
Net income | $ | 37.4 |  |  | $ | 11.6 |  |  | $ | 37.0 |  |  | $ | 16.7 |
Less: Preferred stock dividends - undeclared and cumulative | — |  | 0.7 |  | — |  | 1.4
Less: Distributed earnings allocable to retired preferred shares | — |  | — |  | — |  | 6.6
Net income allocable to common stockholders | $ | 37.4 |  |  | $ | 10.9 |  |  | $ | 37.0 |  |  | $ | 8.7 |
Denominator (in thousands): |  |  |  |  |  |  |
Average common shares outstanding - basic | 14,587 |  |  | 13,443 |  | 14,567 |  | 13,132
Potentially dilutive shares related to stock options, restricted stock units, and warrant (a) | 289 |  | 300 |  | 336 |  | 320
Average common shares outstanding - diluted | 14,876 |  |  | 13,743 |  |  | 14,903 |  |  | 13,452 |
Net income per share (in dollars): |  |  |  |  |  |  |
Basic | $ | 2.56 |  |  | $ | 0.81 |  |  | $ | 2.54 |  |  | $ | 0.66 |
Diluted | $ | 2.51 |  |  | $ | 0.79 |  |  | $ | 2.48 |  |  | $ | 0.65 |
(a) Common stock equivalents excluded from the diluted calculation because they would have been antidilutive (in thousands) | 4 |  | — |  | — |  | —

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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