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Loss Per Share | 3 Months Ended
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Mar. 31, 2021
Earnings Per Share [Abstract] |
Loss Per Share |
6. | Loss Per Share
The following table presents computations of basic and diluted loss per share:
|  | Three Months Ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Numerator: |  |  |  |  |  |  |  |
Net loss attributable to Cinemark Holdings, Inc. |  | $ | (208,241 | ) |  | $ | (59,591 | )
Loss allocated to participating share-based awards (1) |  |  | 3,144 |  |  |  | 350 |
Net loss attributable to common stockholders |  | $ | (205,097 | ) |  | $ | (59,241 | )
Denominator (shares in thousands): |  |  |  |  |  |  |  |
Basic weighted average common stock outstanding |  |  | 117,177 |  |  |  | 116,496 |
Common equivalent shares for restricted stock units (2) |  |  | — |  |  |  | — |
Common equivalent shares for convertible notes (3) |  |  | — |  |  |  | — |
Diluted common equivalent shares |  |  | 117,177 |  |  |  | 116,496 |
Basic loss per share attributable to common stockholders |  | $ | (1.75 | ) |  | $ | (0.51 | )
Diluted loss per share attributable to common stockholders |  | $ | (1.75 | ) |  | $ | (0.51 | )
| (1) | For the three months ended March 31, 2021 and 2020, a weighted average of approximately 1,797 and 683 shares of restricted stock, respectively, were considered participating securities.
| (2) | For the three months ended March 31, 2021 and 2020, approximately 65 and 92, respectively, common equivalent shares for restricted stock units were excluded because they were anti-dilutive.
| (3) | For the three months ended March 31, 2021, excludes the conversion of the 4.50% Convertible Senior Notes, issued August 21, 2020, into 32,051 shares of common stock, as they would be anti-dilutive.
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 loss per share pursuant to the two-class method. Basic loss per share for the two classes of stock (common stock and unvested restricted stock) is calculated by dividing net loss by the weighted average number of shares of common stock and unvested restricted stock outstanding during the reporting period. Diluted loss 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 impact of the 4.50% Convertible Senior Notes on diluted loss per share are calculated under the if-converted method, which assumes conversion of the notes at the beginning of the period. During the three months ended March 31, 2021, the weighted average closing price of the Company’s common stock of $21.15 exceeded the exercise price of $14.35 per share. The if-converted value of the 4.50% Convertible Senior Notes exceeded the aggregate outstanding principle value of the notes by $279,745. As stated in Note 13 of the Company’s Annual Report on Form 10-K filed February 26, 2021, the Company entered into hedge transactions with, and sold warrants to, counterparties in connection with the issuance of the 4.50% Convertible Senior Notes. The weighted average closing price of the Company’s common stock of $21.15 did not exceed the exercise price of $22.08 per share for the warrants during the three months ended March 31, 2021. The hedge transactions are generally expected to reduce the potential dilution of any conversion of the 4.50% Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 4.50% Convertible Senior Notes, as the case may be.

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