Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2020

Earnings (Loss) Per Share Our common stock has a dual class structure, consisting of Class A common stock and Class B common stock. Other than voting rights, the Class B common stock has the same rights as the Class A common stock and therefore both are treated as the same class of stock for purposes of the earnings per share calculation. Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards, contingently issuable shares, and convertible securities were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and other share-based compensation arrangements determined using the treasury stock method, and convertible securities using the if-converted method.

The following tables summarize the computations of basic and diluted earnings per share:


For the years ended December 31,	2020		2019		2018
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Loss from continuing operations	$	(320,598)	$	(150,483)	$	(191,317)
Net loss (income) attributable to noncontrolling interests	17		(98)		(141)
Loss from continuing operations attributable to Laureate Education, Inc.	(320,581)		(150,581)		(191,458)

Accretion of redemption value of redeemable noncontrolling interests and equity	149		(208)		(292)
Adjusted for: accretion related to noncontrolling interests and equity redeemable at fair value	—		—		(559)
Accretion of Series A Preferred Stock	—		—		(61,974)
Gain upon conversion of Series A Preferred Stock	—		—		74,110

Subtotal: accretion of reedemable noncontrolling interests and equity, and, for 2018, Series A Preferred Stock, net	149		(208)		11,285
Net loss from continuing operations available to common stockholders for basic earnings per share	(320,432)		(150,789)		(180,173)
Adjusted for: accretion of Series A Preferred Stock	—		—		61,974
Adjusted for: gain upon conversion of Series A Preferred Stock	—		—		(74,110)
Net loss from continuing operations available to common stockholders for diluted earnings per share	$	(320,432)	$	(150,789)	$	(192,309)

Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
(Loss) income from discontinued operations, net of tax	(298,104)		1,088,147		562,247
Loss (income) attributable to noncontrolling interests	5,354		918		(722)

Net (loss) income from discontinued operations for basic and diluted earnings per share	$	(292,750)	$	1,089,065	$	561,525

Denominator used in basic and diluted earnings (loss) per common share:
Basic and diluted weighted average shares outstanding	209,710		221,928		212,769




Basic earnings (loss) per share:
Loss from continuing operations	$	(1.53)	$	(0.68)	$	(0.85)
(Loss) income from discontinued operations	(1.40)		4.91		2.64
Basic (loss) earnings per share	$	(2.93)	$	4.23	$	1.79
Diluted earnings (loss) per share:
Loss from continuing operations	$	(1.53)	$	(0.68)	$	(0.91)
(Loss) income from discontinued operations	(1.40)		4.91		2.64
Diluted (loss) earnings per share	$	(2.93)	$	4.23	$	1.73

In the calculation of diluted EPS for 2018, the conversion of the Series A Preferred Stock, which occurred on April 23, 2018, was assumed to have occurred as of the beginning of the period; accordingly, the effects of the accretion and the gain upon conversion of the Series A Preferred Stock were removed from net income available to common stockholders for diluted earnings per share. The following table summarizes the number of stock options, shares of restricted stock and restricted stock units (RSUs) that were excluded from the diluted EPS calculations because the effect would have been antidilutive:


For the years ended December 31,	2020	2019	2018
Stock options	4,040	8,740	9,387
Restricted stock and RSUs	1,021	1,090	1,300