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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

 

Earnings Per Share 

 

Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings per share has been computed by dividing earnings available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company's Common Stock, assumed vesting of restricted stock and the assumed conversion of the Company's convertible debt. 


The following table provides the computation of diluted weighted average number of common shares outstanding: 


 

 

Year Ended December 31,


 

2021 

 

2020 

 

2019 

Computation of diluted weighted average shares outstanding:

 

 

 

 

 

 

Basic weighted average shares outstanding

 

52,585,674

 

52,659,551

 

 

53,449,834

 

Incremental shares from assumed exercise of stock options and vesting of restricted stock

 

943,902

 

 

—

 

 

1,464,053

 

Diluted weighted average shares outstanding

 

53,529,576

 

 

52,659,551

 

 

54,913,887

 

 

The table includes all stock options and restricted stock that are dilutive to the Company's weighted average common shares outstanding during the period. The calculation of diluted earnings per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company's weighted average common shares outstanding for the years ended December 31, 2021, 2020 and 2019 of approximately 1,668,000, 2,073,000 and 380,000, respectively.

The Company issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019 and retired the existing convertible notes ("Retired Convertible Notes") that would have matured in 2044 on May 28, 2019. The Company's Convertible Notes currently have, and the Retired Convertible Notes had, a settlement feature requiring the Company upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of the Company's common stock or a combination thereof, at the Company's option. The Company has stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium. Accordingly, the Convertible Notes and the Retired Convertible Notes were included in the calculation of diluted earnings per share if their inclusion was dilutive. The dilutive effect increases the more the market price exceeds the conversion price. The Convertible Notes would only have a dilutive effect if the market price per share of common stock exceeds the conversion price of $188.73 per share. Therefore, according to ASC Topic 260, Earnings per Share ("ASC 260"), there was no dilutive effect of the assumed conversion of the debentures as of December 31, 2021, 2020 and 2019. See Note 11, Debt Obligations, to the Consolidated Financial Statements for more information about the Convertible Notes and Retired Convertible Notes.


Share repurchases


The Company's Board of Directors had authorized a stock repurchase program allowing Euronet to repurchase up to $375 million in value or 10.0 million shares of common stock through March 31, 2020. On March 11, 2019, in connection with the issuance of the Convertible Notes, the Board of Directors authorized an additional repurchase program of $120 million in value of the Company's common stock through March 11, 2021. On February 26, 2020, the Company put a repurchase program in place to repurchase up to $250 million in value, but not more than 5.0 million shares of common stock through February 28, 2022. On December 8, 2021, the Company put a repurchase program in place to repurchase up to $300 million in value, but not more than 5.0 million shares of common stock through December 8, 2023. Repurchases under the programs may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan. For the years ended December 31, 2021, 2020 and 2019 the Company repurchased $227.8 million, $239.8 million, and $70.9 million, respectively, in value of Euronet common stock under the repurchase programs.


Preferred Stock


The Company has the authority to issue up to 10 million shares of preferred stock, of which no shares are currently issued or outstanding.


Accumulated other comprehensive loss


As of December 31, 2021 and 2020, accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded a foreign currency translation loss of $78.5 million, a gain of $70.8 million and a loss of $13.9 million for the years ended December 31, 2021, 2020, and 2019, respectively. There were no reclassifications of foreign currency translation into the Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019.


Dividends


No dividends were paid on any class of the Company's stock during 2021, 2020, and 2019.