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Earnings Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share |
6. | Earnings Per Share
The Company considers its unvested share-based payment awards, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net income by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method. The following table presents computations of basic and diluted earnings per share under the two-class method:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Cinemark Holdings, Inc. |  | $ | (147,592 | ) |  | $ | 31,353 |  |  | $ | (377,572 | ) |  | $ | 165,052 |
Loss (earnings) allocated to participating share-based awards (1) |  |  | 1,472 |  |  |  | (211 | ) |  |  | 2,832 |  |  |  | (1,012 | )
Net income (loss) attributable to common stockholders |  | $ | (146,120 | ) |  | $ | 31,142 |  |  | $ | (374,740 | ) |  | $ | 164,040 |
Denominator (shares in thousands): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common stock outstanding |  |  | 116,707 |  |  |  | 116,356 |  |  |  | 116,552 |  |  |  | 116,288 |
Common equivalent shares for restricted stock units (2) |  |  | — |  |  |  | 244 |  |  |  | — |  |  |  | 289 |
Diluted common equivalent shares |  |  | 116,707 |  |  |  | 116,600 |  |  |  | 116,552 |  |  |  | 116,577 |
Basic earnings (loss) per share attributable to common stockholders |  | $ | (1.25 | ) |  | $ | 0.27 |  |  | $ | (3.22 | ) |  | $ | 1.41 |
Diluted earnings (loss) per share attributable to common stockholders |  | $ | (1.25 | ) |  | $ | 0.27 |  |  | $ | (3.22 | ) |  | $ | 1.41 |
| (1) | For the three months ended September 30, 2020 and 2019, a weighted average of approximately 1,175 and 793 shares of restricted stock, respectively, were considered participating securities. For the nine months ended September 30, 2020 and 2019, a weighted average of approximately 880 and 719 shares of restricted stock, respectively, were considered participating securities.
| (2) | For the three months ended September 30, 2020, approximately 438 common equivalent shares for restricted stock units were excluded because they were anti-dilutive. For the nine months ended September 30, 2020, approximately 689 common equivalent shares for restricted stock units were excluded because they were anti-dilutive.
The calculations of diluted earnings per share for the three and nine months ended September 30, 2020 do not include the impact of the conversion of the 4.50% Convertible Senior Notes, issued August 21, 2020, into 32,051,282 shares of common stock, as it would be anti-dilutive. Additionally, the average price of the Company’s common stock did not exceed $22.08 per share during the reporting period; therefore, additional shares that may be issued related to the recently issued warrants were not included in the calculation of diluted common equivalent shares. See further discussion of the 4.50% Convertible Senior Notes, the convertible note hedges and the warrants at Note 7.

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